Putting a stop to your debts can be as painful as a trip to the dentist, and much more expensive. Fortunately, personal bankruptcy may offer a convenient method for discharging some or all of your unsecured debts.
If you have tried other debt stoppers, such as debt counseling or negotiating with creditors, and found them to be lacking, you may want to consider looking into personal bankruptcy. Bankruptcy has unique abilities to stop debt like few other options.
To learn more about how personal bankruptcy may be able to fix your finances, fill out the form below and wait for a free phone consultation with a bankruptcy attorney.
Stopping debt can sometimes occur through relatively simple strategies, like changing your financial habits. Some people living with debt have been able to regain their financial health through these methods. However, stopping debt often feels like stopping an avalanche: Once debt gains momentum it can be difficult to slow.
On the other hand, lifestyle changes and other alternative debt stopping methods may not help consumers who simply cannot pay the debts they already owe. These other methods may not slow down creditors trying to repossess property or provide the security you need.
Personal bankruptcy offers two ways to discharge certain debts. Through Chapter 7 bankruptcy, you may be able to:
Filers of Chapter 7 typically have incomes below their state's median income level, and often have limited assets. A Chapter 7 means test is often required to establish that you are eligible for this type of bankruptcy.
On the other side of the debt stopping spectrum, Chapter 13 bankruptcy is often a better fit for people with valuable property who want to hold on to this property while they eliminate their debts. Chapter 13 is designed to allow filers to:
As shown above, both Chapter 7 and Chapter 13 have proven to be effective debt stoppers for debtors from all walks of financial life.
Determining whether to stop debt through Chapter 7 and Chapter 13 may require some research and consultation with others who have experience with personal bankruptcy.
In addition, you may wish to speak with an attorney to learn about your options to help you regain your financial health. Contact a bankruptcy lawyer today.