Bankruptcy can be an excellent way to get a fresh start and a brighter financial future. If your debt is holding you back from pursuing your dreams or even just living a normal, stress-free life, you may want to consider filing for bankruptcy in 2017.
Here are some things to consider as you make your decision.
What Debts Worry You The Most?
Bankruptcy is effective on most types of debts. Before you file, you will want to discover if you can find debt relief with chapter 7 or chapter 13 bankruptcy.
If you are primarily burdened by credit card debt, medical debt, or other types of unsecured debt, Chapter 7 provides an excellent option for completely eliminating your debt. Another perk is as soon as your attorney files your case, the debt collectors will have to stop contacting you and instead go through your attorney.
If you are more worried about secured debts such as your mortgage or car payment, Chapter 13 can help. Chapter 13 can bundle these payments together with any unsecured debts you may have, allowing you to make one single payment per month as part of a 3 to 5 year court-approved repayment program. At the end of the program you will have the rest of your unsecured debts cleared and still get to keep the majority, if not all of, your property. In many of these cases, you pay 0% of the debt owed to unsecured creditors, and they are wiped out, just like in a Chapter 7.
If you have student loan debt, back alimony, child support, or back taxes less than 3 years old, contact King & King to see if bankruptcy is right for you.