Dealing with the issues surrounding debt can be annoying at best. Creditors are notorious for their means of getting paid and they will stop at nothing allowed under the law. Often, they will threaten to garnish wages, place liens on the property and take a person to court, which is why a person must do all they can to work with their creditors to ensure they try to make satisfactory arrangements. Should the creditors be unwilling to help, a person can always get help through bankruptcy lawyers in Rockford.
A lawyer who works with bankruptcy cases can meet with a person with overwhelming debt to help them decide which option will be most beneficial. There are two types of bankruptcy a person can file depending on their financial situation, and the bankruptcy lawyers can help them decide which will help most based on their income, the types of debt they owe, and their assets.
Chapter 7 is available for most individuals to file and it is especially helpful for those who have unsecured debts. With this type, a person may be required to surrender a portion of their property assets so they can be sold to pay down the debts owed. The law does not allow the court to take a person’s home or their car, furniture, and clothing so, if the court-appointed trustee determines there is no extraneous property, debts may be forgiven and legally discharged from a person’s record. The entire process typically takes six months to be accomplished.
Chapter 13 is another type of individual can file, but this one is aimed towards people who have secured debts. This bankruptcy can help to stop collection activity such as foreclosure and repossession, and people are given a period to pay their debts with lowered monthly payments. Chapter 13 is normally completed within a period of three to five years.
Those who feel they are drowning in debt can learn more about bankruptcy by visiting the website. Through this site, people can get started on the process of overcoming their debt so they can make a fresh financial start. Call Crosby Law Firm today and allow them to help.
