Debt is something most people will deal with at some point in their lives. Unfortunately, debt can sometimes grow out of control and be impossible to deal with. It is important you face your debt and do not try to avoid it. You should contact your creditors and learn about the options they can offer you to help you be rid of your debt. Should you be unable to settle your debts, you may want to consider working with a Debt Relief Attorney. This type of attorney can assist you in being able to overcome your debt through filing for bankruptcy.
There are two different bankruptcy types individuals can file. The type you file will depend on the amount of debt you owe, your income and your assets. Meeting with an attorney can help you to learn about your rights and make important decisions in your case.
Chapter 7 bankruptcy is typically for those with lower incomes. If your income amount meets or is less than the median income in your area, you may be eligible. In this type of bankruptcy, any non-essential property will be liquidated so it can pay off the debts you owe. Many people end up having no non-essential property and are exempt from having their property sold. Instead, their debts are absolved and they are able to start with a clean slate. This type takes around six months to become settled.
Chapter 13 bankruptcy is also available. If you cannot meet the income requirements of chapter 7, you can file this type. In chapter 13, you will be required to pay a monthly payment through the court. Through this payment, your creditors each receive a portion so you slowly pay down your debt. The time period for chapter 13 varies and can last as long as five years.
If you are in need of help from a Debt Relief Attorney, contact Chris Carouthers & Associates LLC and schedule a consultation appointment. The attorney will assist you through your bankruptcy so you can finally be free of your debts. Contact the office and learn about your rights today. Or Click Here.
