Considering Bankruptcy?
The shame of bankruptcy is not what it once was. Millions of Americans have chosen to wipe their slates clean and take a big step forward to rebuilding their futures. Although the decision to pursue bankruptcy protection is often hard to make, one can only struggle with penalties, late fees, mounting interest and creditors for so long.
Bankruptcy may not be the right choice for you, but you owe it to yourself to invest some time understanding all of your options. Eliminating your debt while maintaining your credit is a possibility- why not seize the opportunity? A fresh start may be the key to success.
Assessing your financial situation is the first step
Examining your financial state is a very important and brave first step, however it sometimes may be misleading. You may not be in as much trouble as you think. A qualified bankruptcy attorney can help separate panic from reality.
Some initial questions to ask yourself:
- Are you heavily in debt, with little hope of clearing the debt in the near future?
- Has your home been foreclosed? If not, have creditors threatened to foreclose your home?
- Has your car or other property been repossessed? If not, have creditors threatened to take legal action to take your property?
- Do you often pay bills late?
- Do you only pay the minimum on your credit cards?
- Are you unable to make even minimum payments?
- Have you had to give up basic necessities just to make ends meet?
- Have you bounced any checks in the last month?
- Are your wages currently, or in danger of, being garnished?
- Have you recently become fully or partly disabled?
- Are you going through a divorce resulting in an increase of expenses but decrease in income?
If you found yourself saying yes to some-- or many-- of these questions, bankruptcy could be the right path for you. The next step is to discuss your rights and determine your course of action with an experienced attorney. Don't wait until the last minute when your wages may already be garnished or your car repossessed. Resolve this situation now.
How can the U.S. Bankruptcy Code protect me?
The Bankruptcy Code is a set of federal laws with broad powers that entitle people like you with major financial problems to get relief from debt and rebuild their credit. For individual people, the choices are either Chapter 7 bankruptcy or Chapter 13 bankruptcy.
In a Chapter 7 bankruptcy case, most of your unsecured debts are discharged and assets beyond allowable exceptions are liquidated to pay some or all of your debt. However, many assets are exempt and cannot be liquidated.
Exempt property usually includes your primary residence, a vehicle, certain items of personal property, tools and work equipment and numerous other categories of property. However, the exemptions available to you may vary depending upon state laws.
After your case is finished, dischargeable debts are forgiven and the case is closed.
In a Chapter 13 case, you can sort out your debts and repay them in an affordable payment plan over a 36 to 60-month period. Most creditors are forbidden to take action against you during this time, and many debts are discharged at the end of the plan period if they haven't been repaid in full.
» Click here to view the entire Title U.S. Bankruptcy Code
The bankruptcy attorneys who sponsor Total Bankruptcy can help you through the complicated process of bankruptcy, get rid of many of your debts, and keep as much of your property as possible.
Don't wait any longer! Call Total Bankruptcy toll-free at (877) 349-1309.
Or use our online case evaluation form. Just fill out the secure online form with a bit of information regarding your financial situation (which will all be confidential), and one of the sponsoring bankruptcy attorneys will get in touch with you to schedule a free, no-obligation consultation. Make the right decision and let us get you on the right track to a healthier financial lifestyle.