No one plans to be buried in debt but many people find themselves weighed down by overwhelming bills and obligations. Sometimes this may be the result of poor planning or overspending, but often it is caused by unexpected events like job loss, illness, divorce, or other unplanned occurrences. When debt becomes unmanageable, it is time to call a debt settlement attorney. Debt settlement can take many forms including:
Filing for Chapter 7 Bankruptcy
Consumers who find themselves unable to keep up with even the minimum payments that they owe may want to investigate chapter 7 bankruptcy, because in many cases it allows them to keep their personal belongings including their home (in some cases) and primary vehicles. Also, mortgage payments may be renegotiated and brought due to become more affordable. Chapter 7 bankruptcy rarely allows for discharge of student loans or child support/alimony payments so it is important to discuss those factors with an attorney during a free consultation.
Filing for Chapter 11 Bankruptcy
It isn’t just private consumers who struggle with debt; private business can also fall victim to crushing debt. Business owners who just need some time to catch up to their debt and can manage at least a portion of their payments may find that chapter 11 bankruptcy is the best answer for them, allowing reorganization of debt owed to keep a business up and running. It is important to remember that chapter 11 bankruptcy does not erase debt owed; it simply gives business owners the ability to catch their breath if debt is unmanageable
Filing for Chapter 13 Bankruptcy
A debt settlement attorney can explain how a chapter 13 bankruptcy can help consumers who have income to reorganize and manage their debts more effectively with one payment that encompasses the entire amount owed spread out over several years. This allows individuals to pay their debts responsibly and still be able to support their families and enjoy their lives.
Visit an experienced attorney like us and schedule a free consultation to find out how to turn financial hardship into manageable payments. Bankruptcy can be a new start to financial responsibility and starting over.
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