When bills aren’t paid, creditors immediately begin harassing an individual even if the individual has always faithfully paid their bills. The amount of telephone calls an individual receives can be overwhelming and very upsetting. Filing Chapter 13 Bankruptcy in Wellington FL will eliminate these harassing telephone calls, stop foreclosure, repossession and much more.
It’s very important to take a foreclosure notice to a bankruptcy attorney as soon as possible to protect a home. A bankruptcy attorney will provide a person with a free consultation about their case and help them determine whether or not they’re eligible for bankruptcy.
Bankruptcy Can Be Confusing
There are various types of bankruptcy an individual can file. Chapter 7 bankruptcy is a complete liquidation of an individual’s assets that are not exempt from the proceeding. Chapter 13 bankruptcy provides an individual a way to retain their assets and restructure their debt. They will have to make regular payments for a three to five-year period and the balance of the debt will be forgiven.
Who Should File Chapter 13 Bankruptcy?
If an individual has a regular source of income and assets like a home, car, and many possessions, this person should consider Chapter 13 bankruptcy. The individual will have to go through credit counseling before bankruptcy can be filed. The individual will be provided with various exemptions of items that will not be included in the bankruptcy. Creditors will receive a small portion of the money that is owed to them during the repayment plan.
Chapter 7 Bankruptcy
If an individual is not Filing Chapter 13 Bankruptcy in Wellington FL, they might be eligible to file Chapter 7 bankruptcy. This type of bankruptcy is ideal for an individual who wants a clean start and who does not have a regular source of income. If the individual has a lot of unsecured debt like credit cards, this is also a great way to eliminate the debt.
Some debts cannot be erased such as student loans, alimony, child support, and certain taxes. If you’re swimming in debt and don’t know where to turn, find out more about Law Offices of Sean I. Koplow.