You aren’t the only one having problems paying your bills. In fact, debt is such a problem in the United States that the federal government set up the bankruptcy code to help people in your situation. Recent changes to the bankruptcy laws help people who must file for debt relief get the help they need to make better future financial decisions.
Mandatory counseling sessions at the beginning and end of the bankruptcy process can help you determine if bankruptcy is the best solution to your debt problem and if it is, counseling at the end of your bankruptcy will help you learn how to budget and manage your credit so you won’t fall deep in debt again.
Bankruptcy Lawyers in Wetumpka, AL can examine your personal debt situation and tell you whether you qualify for Chapter 7 bankruptcy. This popular form of personal bankruptcy allows people with more unsecured debts than they can realistically repay to erase their debts. If you file for this kind of debt relief, your creditors will no longer be able to collect the money you owed them.
There are limitations to Chapter 7 bankruptcy that lead some people to choose a Chapter 13 debt repayment plan. This kind of program allows people who have secured debts as well as unsecured credit cards and medical bills repay them on an extended payment plan. By opting for this kind of relief, you may be able to keep your mortgaged home and your financed vehicles. Your Bankruptcy Lawyers in Wetumpka, AL may recommend Chapter 13 bankruptcy if you don’t meet the income requirements for Chapter 7 or if you hope to keep your home.
While there are disadvantages of this legal debt relief method, the benefits outweigh them. After filing for bankruptcy, a notation will be added to your credit report and will remain there for up to 10 years. However, after showing a solid history of paying your bills on time, you’ll find that you may start getting offers for credit cards with reasonable interest rates. A few years after your Chapter 7 bankruptcy is discharged, you can even apply for a new mortgage loan.
Attorney Courtney & Mann, LLP provides trusted representation for clients in Wetumpka, AL needing to consult with a Chapter 7 bankruptcy attorney or Chapter 13 bankruptcy attorney. Visit them online!
