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Facing such a complex process alone can be intimidating, particularly when so much is at stake. That's why many people turn to a guide to personal bankruptcy, such as a bankruptcy attorney, to help navigate the process.
How can a bankruptcy lawyer serve as your guide? A lawyer may walk you through each part of the process step by step, including helping you choose which type of bankruptcy to use. Bankruptcy gives you several options, the two most common being Chapter 7 bankruptcy and Chapter 13 bankruptcy.
Could you benefit from getting guidance and advice about how to best use bankruptcy to clear your debt? How else might a lawyer be able to help you? Find out during a free case evaluation with a bankruptcy attorney near you. Complete the form on this page and we'll connect you right away.
Chapter 7 bankruptcy is a legal path that many people choose when they find themselves struggling with credit card debt and high medical bills. Chapter 7 is designed to quickly and completely clear these debts without requiring filers to make regular payments or lump-sum settlements.
However, not everyone is able to take advantage of Chapter 7's powers. Before you may file your eligibility must be established through the means test. While this isn't an exam, you may need to prepare some documents to illustrate your true need for help. In most cases, the means test compares your income with the median levels in your state.
If you are able to file - and many people are, Chapter 7 is the most common type of bankruptcy - you may also want to take a close look at Chapter 7 exemptions. These laws, which vary by state, outline the types of property you may be able to protect during your filing.
In many ways, Chapter 13 is more complex as it has certain stronger protections than Chapter 7 and takes longer to complete. Chapter 13 allows you to address debt tied to home mortgage and car loans in addition to other debts, like credit card and medical bills. All of these debts can be included in a single filing.
In fact, all of your debts will be combined, ordered and probably reduced as you work with a court-appointed trustee to establish a protected repayment plan. During this time you'll also be protected by the automatic stay, which can stop foreclosure, repossession and wage garnishment during your case.
Don't let a mistake jeopardize your bankruptcy case. There are specific limitations on how often you can file, which can last many years, so a mistake to your filing could be costly. To get guidance from a bankruptcy lawyer near you, complete the free form on this page and we'll connect you right away.
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