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How Can You Handle a Significant Amount of Debt?


If you feel like you are drowning in debt and cannot handle the financial burden you have, you may need to consider filing for bankruptcy. You should never do this alone without the assistance of a lawyer. You always need to contact a bankruptcy lawyer, like a lawyer from The Law Offices of Ronald I. Chorches, if you are considering filing. Not only will your lawyer be able to help determine what type of bankruptcy would be best for you, but he or she can also make sure that you file everything properly, account for all of your assets, and set you up to make sure you make wise financial decisions moving forward. Continue reading if you want to learn more about what type of bankruptcy filing might be right for you and how to move forward from a seemingly crippling amount of debt. 

Chapter 7 Bankruptcy

You may file for Chapter 7 bankruptcy if you have the right amount of income that qualifies you to do so and if you do not mind liquidating your assets. This may mean that you need to sell more of your possessions, but it is often one of the fastest ways of recovering from filing for bankruptcy. Chapter 7 allows you to eliminate most, if not all of your debt, then begin rebuilding your finances almost right away. Only some people will qualify for Chapter 7, which is why it will be important to speak with a lawyer about whether or not it is an option for you. 

Chapter 11 Bankruptcy

Chapter 11 is often used for businesses, but can occasionally be used by individuals as well. It allows the filer to reorganize their debt and continue to pay it off. 

Chapter 13 Bankruptcy

Chapter 13 is often used by individuals who do not qualify for Chapter 7 bankruptcy. It allows the person to keep more of their assets, but can take longer to recover from. It typically reorganizes debt to be able to pay off within 3-5 years. This can take a little longer to build back credit, but not so long that you should not consider it if you are in a dire financial situation. 

Speak with a Financial Advisor 

It would be wise to speak to a financial advisor after filing for bankruptcy. This may seem like an additional expense, but it can lay down a good foundation for making sure this never happens in the future. You should never feel scared or bad asking for help. Finances can be confusing and overwhelming, which is why it is crucial to speak with experts when you need help. 

Contact a Bankruptcy Lawyer Right Away

Speak with a bankruptcy lawyer as soon as possible to make sure you are prepared for everything that comes your way moving forward. He or she will always have your best interest at heart and ensure you do the right thing moving forward. This can be one of the best financial moves you make, but you need to make sure someone who knows what they are doing is on your side throughout the entire process. Do not hesitate to contact a bankruptcy law firm today to set up a consultation.