When you’re in over your head, it’s difficult to know where to turn. Let the Law Offices of Donald A. Anderson guide you and get you back on track. Filing for bankruptcy may be the best option for your situation, allowing you to start fresh, wipe out debt and rebuild your credit from the ground up. We know that understanding your bankruptcy options can be a tricky business, so our team will analyze your financial situation and guide you towards the best solution.
With our help, you’ll be able to make an informed decision and decide whether Chapter 7 or Chapter 13 bankruptcy is right for you:
Chapter 7 bankruptcy is liquidation in which any existing, nonexempt assets are sold and the funds distributed to creditors. In most cases, there are no assets to liquidate, meaning it’s the easiest and fastest form of bankruptcy. Filing for Chapter 7 bankruptcy will stop lenders from taking your wages and forcing home foreclosure and clear unsecured debt from medical bills, late rent or credit cards after 90 days.
Chapter 13 bankruptcy allows those with a regular income to create a plan to repay all or part of their debts. Typically, those repayments are made in installments over three to five year periods. You may benefit from filing for Chapter 13 if you don’t earn enough to catch up with your debts, as the process allows you to restructure your debt into payments you can afford based on your monthly income.
Reach out to the Law Offices of Donald A. Anderson to discuss your options for debt relief today.