Due to the state of the economy, many people are struggling to make ends meet. There are families wondering where their next meal will come from. When sustenance for your spouse and children becomes a concern, the late credit card payments are the last things that cross your mind. Unemployment is up, the job market is down and past due payments are soaring. Many people are on the verge of losing their home or car. It is times like this that a bankruptcy attorney may be able to help you get back on track. This is something that is often thought of as a last resort, but it is truly an option that could be life changing. Scheduling a consultation about filing for a Chapter 7 or 13 could possibly be the best thing you have ever done.
Chapter 7
This filing is typically for someone who is unable to afford the bills that he or she currently owes. In this type of case, the person also has the inability to pay back monies owed even if the total amount was consolidated, restructured and allowed to be paid back over time. A bankruptcy attorney will give you more details about your individual situation, but in most circumstances, this is a "walk away" type of case. You are essentially free and clear of most debts owed. In some cases, you may have to relinquish property, particularly any types that are secured by loans that have been included in the filing. You cannot, however, walk away from the following: alimony, child support, past due taxes (in most cases) and some other types of state or governmental debts.
Chapter 13
A Chapter 13 is basically a legalized debt overhaul. This can be done when you have sufficient financial means to pay back debts owed, but you are in far enough over your head that you cannot afford the payments as they currently stand. In this case, all of your debts are added together and paid for via a monthly amount charged over a certain number of years (usually between three and five). With a Chapter 13, you may include past due mortgage payments when the financial restructuring is figured. For some people, this could be the only means of keeping their house. Your bankruptcy attorney will prepare you with information on the procedures of filing a 13.
If, given the current state of your finances, you feel that this may be an option for you then you should contact a bankruptcy attorney as soon as possible to go over any questions you may have. At this time you should discuss not only questions, but also any concerns or misunderstandings that you may have this is also the time to go over the fee structure for the process. While there are is a cost involved, it is usually less significant than the fees you would incur by continuing down the road of collections-or even repossessions. The system working financial decision that is not right for every person. For others though, it can be the end of a nightmare in the beginning of a fresh start.
Chapter 7
This filing is typically for someone who is unable to afford the bills that he or she currently owes. In this type of case, the person also has the inability to pay back monies owed even if the total amount was consolidated, restructured and allowed to be paid back over time. A bankruptcy attorney will give you more details about your individual situation, but in most circumstances, this is a "walk away" type of case. You are essentially free and clear of most debts owed. In some cases, you may have to relinquish property, particularly any types that are secured by loans that have been included in the filing. You cannot, however, walk away from the following: alimony, child support, past due taxes (in most cases) and some other types of state or governmental debts.
Chapter 13
A Chapter 13 is basically a legalized debt overhaul. This can be done when you have sufficient financial means to pay back debts owed, but you are in far enough over your head that you cannot afford the payments as they currently stand. In this case, all of your debts are added together and paid for via a monthly amount charged over a certain number of years (usually between three and five). With a Chapter 13, you may include past due mortgage payments when the financial restructuring is figured. For some people, this could be the only means of keeping their house. Your bankruptcy attorney will prepare you with information on the procedures of filing a 13.
If, given the current state of your finances, you feel that this may be an option for you then you should contact a bankruptcy attorney as soon as possible to go over any questions you may have. At this time you should discuss not only questions, but also any concerns or misunderstandings that you may have this is also the time to go over the fee structure for the process. While there are is a cost involved, it is usually less significant than the fees you would incur by continuing down the road of collections-or even repossessions. The system working financial decision that is not right for every person. For others though, it can be the end of a nightmare in the beginning of a fresh start.
Are you in need of a bankruptcy attorney in Woodbridge? If so, let our experienced professionals help. For more information, please see: http://www.thewoodbridgeattorney.com/
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