You might be surprised to learn that some of your co-workers, friends, and even family members have filed for bankruptcy protection. While seeking help for serious financial trouble was once something that was looked poorly upon, it is now so common that most people have either filed for bankruptcy themselves or know someone who has. Getting help for your situation doesn’t mean that you have to file for Chapter 7 bankruptcy and lose all of your assets. In fact, with Chapter 13 bankruptcy, you can keep your home and your car as long as you can afford them.
Using the law to help you get yourself out from under your debt might be as easy as contacting a skilled bankruptcy attorney. Your lawyer will look over your income and assets, and help you decide how to proceed. Chapter 13 is the most commonly used portion of the bankruptcy code for individuals and married couples. This allows you to make a single payment every month toward your unsecured debts. If you’re behind on your mortgage and want to keep your house, you can even catch up on your missed payments through your bankruptcy.
Essentially, there is no reason to be ashamed of being in a financial bind. As soon as you realize you aren’t going to be able to fix the problem on your own, you should contact an attorney. By using the services of a lawyer, you can force your creditors to stop contacting you regarding your debts and to cease any current collection actions they are taking against you. As long as you comply with the terms of your bankruptcy, the creditors are obligated to accept the payments they receive and not ask you for additional money or attempt to repossess your property.
The bankruptcy trustee will evaluate your financial situation and determine how much you can afford to pay every month toward your outstanding debts. At the end of the term, which will be three to five years, any remaining balances on credit card debts or medical bills may be discharged, and you will not be obligated to pay them. By completing the bankruptcy process, you’ll get yourself out from under your debt and have better financial management habits.
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