Are you living from paycheck to paycheck and unable to pay your bills? The inability to pay bills and having finances out of control can happen for many reasons, including divorce, illness, the loss of a job, the death of a close loved one, and many other reasons. When an individual is facing foreclosure of their home or repossession of their car, a Bankruptcy Law Firm in Waldorf, MD will offer the legal advice an individual needs to protect them.
Even if an individual does not own a home or a car, they can still gain financial freedom from mounting bills. When an individual does not have a lot of assets and a limited amount of income, they might be eligible to file for Chapter 7 bankruptcy. If an individual has a regular income and assets they want to protect, Chapter 13 is an outstanding option.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy takes between three and four months to complete. This type of bankruptcy is considered a fresh start and will stop garnishments, harassing telephone calls, and lawsuits against an individual. If the individual owns a home, they might be able to retain the home depending on the situation.
Every individual of a Chapter 7 bankruptcy will be provided various things they can exempt from bankruptcy proceedings. An experienced Bankruptcy Law Firm in Waldorf, MD at christmanandfascetta.com will be able to determine if they can keep their home or their car. This type of bankruptcy does not require any repayment plan.
Chapter 13 Bankruptcy
An individual can file for Chapter 13 bankruptcy, reduce their payments, and eliminate their debt. The payments that are ordered by the bankruptcy court are only a portion of the amount that is owed on the debt. Payments must be made from three to five years. When the payments are complete, the bankruptcy will be discharged.
If you want to eliminate your debt, retain some of your assets, and eliminate the stress of mounting bills that you are unable to pay, bankruptcy should be considered. A bankruptcy attorney will be able to determine which type of bankruptcy is right for you. For more information, please visit christmanandfascetta.com.