Debts are something everyone has to deal with at some point in their lives. For the vast majority of people, debt does not become a major setback to their life. Unfortunately, unforeseen circumstances can cause a person to lose control of their debt and end up facing ruthless collection action. Some people have their wages garnished, liens placed on their property and are sent to court. To avoid problems with collection activities, people need to be aware of their options for filing bankruptcy by contacting the attorneys in Glendale, AZ.
Hiring an attorney in Glendale, AZ will allow a person to bring in the information on the debts they owe so the attorney can help them make a determination on which type of bankruptcy will be most beneficial. There are two main options when it comes to individuals filing for bankruptcy. One type only takes six months while the other may require two to five years for repayment.
Chapter 7 is a type of bankruptcy that is settled through the aid of a court-appointed trustee. The trustee works to absolve debts or pay them off through liquidating any non-essential assets the person owns. If no properties are owned by the person, the debts are forgiven, and the person is able to get on with their lives debt-free. To be approved for this type of bankruptcy requires passing a means test. Most people can have their debts resolved within six months.
Those with secured debts can benefit from chapter 13 bankruptcy. With this type, a person is given a certain time period to pay monthly payments to the court so their debts can be paid off. Most people are given between two and five years to pay off their debt, depending on how much money they owe. There are some debt limits for this bankruptcy, so everyone does not qualify.
People who feel they are drowning in debt can find help and hope when they visit domain URL. Contact Asheton B. Call attorney at law and find out how he can help you understand your options for debt settlement so you can seek financial relief. Call today for your appointment.
