Bankruptcy may be an option to consider.
Americans have been finding financial freedom by filing bankruptcy for decades. If you are drowning in debt that you cannot see yourself paying off in a year or more then bankruptcy may be an option to consider. Filing bankruptcy can allow you to get rid of your debt once and for all so that you can find the fresh start you are looking for. Let Bankruptcy-Solutions.net help you find more information about filing bankruptcy today!
Different Types of Bankruptcy
There are two main types of personal bankruptcy available to Americans today: Chapter 7 and Chapter 13. They are very different from one another and benefit different types of financial situations. Let’s start with Chapter 7. This type of bankruptcy is the most common form of personal bankruptcy filed in America today. It is sometimes referred to as the “fresh start” bankruptcy because it allows the debtor to entirely dissolve the majority of their unsecured debt. Unsecured debt includes credit cards, medical debt, payday loans and even personal loans. As you can probably imagine, these are the types of debt that most people struggle with. Chapter 7 bankruptcy is beneficial for those who have large amounts of debt and a below average income.
On the other hand, Chapter 13 bankruptcy is designed for those who have above average incomes as well as high amounts of secured and unsecured debt. A Chapter 13 bankruptcy involves a 3-5 year repayment plan where the debtor is allowed to pay back a percentage of their overall debt. The particular percentage of their debt that they eventually pay back is calculated by their attorney and the bankruptcy trustee. Chapter 13 is the more complex of the two types of personal bankruptcy because of this precise calculation.
Many people wonder whether filing bankruptcy is possible without an attorney. The short answer is yes – filing bankruptcy without an attorney is known as filing “pro se.” However, filing bankruptcy without an attorney is typically not advised. This is because, just like any other legal process, filing bankruptcy has complex forms, deadlines, and requirements that must be followed to the letter. In fact, omitting even something as simple as an amount from a certain form can cause a bankruptcy case to be completely thrown out. The simplest type of personal bankruptcy, Chapter 7, can sometimes be filed successfully without an attorney, but filing a Chapter 13 bankruptcy without an attorney’s advice is nearly impossible. If you are looking for a bankruptcy lawyer to help you with the process then Bankruptcy-Solutions.net can help you today.
Bankruptcy law is federal, and governed by the bankruptcy code. The last major overhaul to the bankruptcy code was in 2005. Although bankruptcy law is federal, each state is given the ability to create their own specific bankruptcy laws called state exemptions. Exemptions differ from state to state because they relate to how much value may be protected with regard to certain items like household goods, and personal jewelry. Some farming states may have exemptions for livestock and acreage, whereas more industrial states do not need exemptions like that and tend to focus more on exemptions surrounding homes and vehicles. When you have chosen a bankruptcy attorney you will want to discuss your specific states exemptions with them immediately. Bankruptcy-Solutions.net can connect you with a bankruptcy attorney in your area so that you can be on your way to a fresh start fast!
The process of filing bankruptcy can be quick, easy, and extremely effective, but it takes work from a proactive debtor and bankruptcy attorney to make it work. The process begins by choosing a bankruptcy attorney to work with. This is where Bankruptcy-Solutions.net can help. By giving us a small amount of information about your financial situation we can match you up with a bankruptcy lawyer in your area. Once you have chosen a bankruptcy lawyer they will discuss your situation with you and advise whether a Chapter 7 or 13 would be best. You will then provide documentation to your attorney so that they can fill out the official bankruptcy petition that will eventually be submitted to the court on your behalf. Some documents you will be required to submit are: paycheck stubs, tax returns, mortgage documents, and vehicle leasing information.