Financial woes can become difficult to deal with, especially when the bill collectors are constantly calling and harassing the debtor. When debt becomes too much to handle, debtors have legal options afforded to them under the law. Those who are dealing with too much debt are urged to contact Joseph I Wittman Attorney at Law.
What are the Legal Options For Bankruptcy?
When a person is dealing with too much debt, they have the option to contact a lawyer and go over their financial records so the lawyer can inform them of their options. There are two main types of bankruptcy individuals can file, depending on the amount of debt that is owed and their income and assets.
* Chapter 13 is a bankruptcy option that is primarily for those who have secured debts, such as homes and cars. It is often referred to as the “wage earners” bankruptcy because a person must have a reliable monthly income so they can make payments to the court each month. These payments are split up over a period of three to five years and are distributed among the creditors that are owed.
* Chapter 7 is an option for those who have mostly unsecured debts, such as medical bills and credit cards. For this type of bankruptcy, a person will have some of their assets liquidated to pay off the debts they owe. They will also have some debts absolved by the trustee. The process is typically over in six months or less.
How to Get Started
The first step a person needs to take is to meet with Business Name. At the consultation appointment, a person should bring all of their financial records, including information on all of the debts they owe.
The lawyer will help their client make a decision on which bankruptcy type will be most beneficial. They will also help them through the filing process and the hearing so the bankruptcy can be approved.
If you are facing more debt than your income will allow you to pay, a lawyer can help. To learn more about these services, Visit the website. Call today if you would like to schedule your appointment.
