If you are in over your head in debt and unable to pay your bills, bankruptcy may be able to help. Millions of Americans file for bankruptcy every year. Whether your debt is $1,000 or $1,000,000, there is likely a bankruptcy plan available to you.
What Forms of Bankruptcy Are Available?
The three most common types of bankruptcies are Chapter 11, Chapter 7 and Chapter 13. Chapter 11 is for businesses and partnerships, while Chapter 7 and Chapter 13 are for individuals. With Chapter 7 Bankruptcy, your assets (including your home and possibly your car) are liquidated and the revenue generated is used to pay off your debts. With Chapter 13 Bankruptcy, your debt is consolidated to a single monthly, interest-free payment. Under Chapter 13, you do not have to worry about losing your home or car.
What Is The Bankruptcy Filing Process?
Regardless of whether you’re filing Chapter 7 or Chapter 13, the process will be similar. Once you have completed and submitted your accounting forms to the lawyer and paid any required fees, your bankruptcy attorney will submit all of the necessary documentation to the U.S. bankruptcy court, officially beginning your case.
At this time, you will also be required to complete a credit counseling course from an approved provider. Your attorney will assist you in finding an approved course and may also be able to help you find one at little to no cost, though most courses are available for a minimal fee.
Why Should I Work With An Attorney?
In order to determine if you qualify for bankruptcy you should consult a bankruptcy attorney. Bankruptcy lawyers typically provide a no-cost consultation to determine eligibility and to discuss filing options. Fill out our form above for a free evaluation of your bankruptcy case by a bankruptcy attorney who handles cases in your area.