Debt seems to pile up faster than you can pay it. This is especially true if you have credit card debt and are paying large financing charges. The best advice for dealing with debt is to never ignore it. If you ignore the phone calls and letters, you are simply compounding the problems. To be truly free of your debt, you need to seek your options for filing for bankruptcy. Through the help of the Best Bankruptcy Lawyer, you can be free of your debt and learn to make better financial decisions.
There are two types of bankruptcy you will be offered through the Best Bankruptcy Lawyer. It is a good idea to meet with the lawyer and go over your financial situation so he can help you decide which option will work best for your needs.
The first option you have is for chapter 7 bankruptcy. This type allows you to be free of your debt in as little as six months. You will need to have your property sold through a special auction process. You can keep your house and car. You can also keep any furniture you own and your clothing. Extra property and assets that are not considered essential are sold to the highest bidder to pay off the bills you owe. A trustee will be put in charge of your case and will oversee the auction process and will work to pay your debts with the money gathered.
Another option, is chapter 13. Many people prefer this option because they do not have to get rid of any property. Instead of having your items sold to pay your debt, you pay a monthly payment to the court. The court will take this money and give it to those you owe. This slowly helps you to pay down the bills you owe so they are paid off in a period of two to five years.
To decide which bankruptcy will be right for you, contact a lawyer and make an appointment. The lawyer will be glad to work with you so you can learn about your rights and make an informed decision for your financial needs. Visit our Website for more details.