Is There a Legal Way to Overcome Debts?

When a person's debts are mounting and they are finding it difficult to pay them off, there is legal help available. With chapter 7 bankruptcy, individuals can legally overcome their debts and find financial freedom and the ability to be able to make better financial decisions in the future. With this information, individuals will be able to better understand what they can expect from the process of filing for bankruptcy.

How to Get Started

The first step in the process involves the individual meeting with the bankruptcy attorney. At this meeting, an individual will discuss their financial records and the debts they owe. It is imperative a person brings in all of their financial records, two years of tax records, and information on their assets. This information will assist the attorney in being able to determine which type of bankruptcy will be most beneficial.

With chapter 7 bankruptcy, individuals can become free of their debts in as few as six months. A trustee is placed over the bankruptcy case and any non-exempt assets are liquidated to pay off the debts that are owed by the individual. Individuals can keep their residential home, car, furniture, and clothing.

The trustee has the power to absolve certain types of debt when there are no assets to be liquidated. The individual's lawyer will work with the trustee and their client to make sure the process proceeds as smoothly as possible.

With Chapter 7, individuals can be given a fresh start by legally overcoming their debts. This type of bankruptcy is available to individuals and married couples who are able to pass mean's testing to make sure their income does not surpass the median income of the state.

Get Legal Help Today

There is no reason individuals need to continue agonizing over debts they cannot afford to pay when there is legal help available. The lawyer will help their client determine if they are a good candidate for Chapter 7 and guide them through the process of filing the paperwork. Although the process takes time, this is a much faster bankruptcy option than chapter 13 which is more beneficial for those with secured debts, such as mortgages that are about to go into foreclosure.

If you would like legal help to get out of debt, contact the law office right way to schedule your consultation appointment. They will be happy to help you through each step in the process.


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