Mar 4, 2015

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Learn Important Information on Consumer Bankruptcy

Learn Important Information on Consumer Bankruptcy

Though most people never think they will have to file for bankruptcy, it is something many people end up going through so they can get rid of their debts. Excess debt can wreak havoc on your life. The harassing phone calls and letters can be more than some people can bear. If you are dealing with more debt than you can pay, you may want to learn more about Consumer Bankruptcy. With this type of bankruptcy, you have two options for overcoming your debt.

  • Chapter 7 is an option for those who do not have secured debt. If you owe a lot of credit card debt or other unsecured debt and meet the income eligibility requirements, you may be able to file chapter 7 bankruptcy. When you file, a court-appointed trustee is placed over your case. The trustee works to pay off your debts through the liquidation of non-essential property or through absolving your debt. In less than six months, all of your debts can be resolved.
  • There is also the option of chapter 13 bankruptcy. This type does not require you to liquidate any property. You are required to pay a monthly payment through the court though, so your debts can be paid off during the bankruptcy period. This period typically lasts three to five years, depending on the amount of debt you owe and your monthly income. This bankruptcy type is perfect for those facing foreclosure on their home.

When you meet with the attorney to learn more about Consumer Bankruptcy, you need to make sure you bring in information on the debts you owe, your income, and any assets you own. This will allow you to learn which type of bankruptcy will be best beneficial for you.

Filing for bankruptcy can allow you to overcome your debts and get back to a more secure financial future. If you are dealing with way too much debt, visit Tomhitchcock.com. They will be happy to help you overcome your financial hardships by giving you options for bankruptcy. Call today and schedule your consultation appointment so you can learn more about your options for overcoming your debt.

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