Are you overwhelmed by mounting debt? Do you receive non-stop harassing phone calls from creditors? Do you have threats of foreclosure or vehicle repossession hanging over your head? Are your crushing debts keeping you from reaching your financial goals? If you need help with matters such as these, consumer bankruptcy attorneys can provide compassionate and confidential assistance to help you address and manage your overwhelming debt. Bankruptcy lawyers can help you obtain relief from your debts and give you the opportunity to make a fresh start.

Bankruptcy is a legal tool that provides relief to individuals and businesses in severe financial  trouble. It also potentially protects their creditors to the extent that is possible. In general, the bankruptcy process evaluates a debtor’s assets and liabilities and then provides a structure within which the debtor can keep some, or most, property. The bankruptcy order satisfies as many eligible debts as possible, according to a specific order of priority established by the law. The remaining debts are discharged, or canceled, and the debtor is no longer responsible for repaying them. Certain types of debt may not be discharged, such as domestic support orders, tax debt, and debt obtained by fraud.

Helping to Solve Debt Problems

Bankruptcy attorneys are prepared to help you find the optimal solution to your debt problems. Attorneys can help if you have:

  • Trouble with credit card debt 
  • Threats of foreclosure
  • Threats of vehicle repossession
  • Delinquent taxes
  • Outstanding medical bills 
  • Threats of a wage garnishment
  • An unexpected change in employment

If you are dealing with any of these issues, a workable solution can usually be found with the help of an experienced bankruptcy lawyer. These legal professionals strive to find a way to protect what is most important to you.

Which Chapter Is Right for You?

There are two consumer bankruptcy options available for those who wish to pursue them. These include:

  1. Chapter 7. This option is also known as liquidation bankruptcy. There are specific income limitations that need to be met before you are considered eligible for this type of bankruptcy filing. If you meet these specifications, this option may nearly eliminate your debts and enable you to get a renewed financial start.
  2. Chapter 13. This option is sometimes called debt reorganization. It allows you to set up an affordable and manageable repayment plan that lasts between three and five years. After your repayment plan expires, any unsecured debt that remains may be forgiven.

Bankruptcy attorneys can meet with you to determine your financial goals and objectives. After reviewing your financial situation, they can let you know which option they believe will suit your needs the best. Then, they can guide you through the bankruptcy process from start to finish. Most people welcome a fresh start and the opportunity to get on a new financial path.

Meet with a Debt Relief Attorney

The traditional stigma associated with bankruptcy has faded and has been replaced by a view that favors a fresh start after times of trouble. Indeed, many bankruptcy debtors have experienced unexpected financial issues, such as job loss, business failure, divorce, illness, or the death of a loved one. When you are ready to take the steps needed to regain control of your life by achieving financial balance, talk with a bankruptcy lawyer.