When you’re in debt up to your eyeballs and see no relief in sight, it can be hard to know which way to turn. You may have tried every option to relieve your debt, from watching every penny to debt consolidation, but nothing seems to work. It’s a big decision, but bankruptcy can help you achieve debt relief in 2021.
The Two Types of Bankruptcy
There are two types of bankruptcy: chapter 7 and chapter 13. When considering filing for bankruptcy, it’s crucial to understand the differences between the two types and learn which type best suits your needs and situation.
Chapter 7 Bankruptcy
Filing for bankruptcy under chapter 7 can erase a lot of your debts in three to six months. However, under chapter 7 bankruptcy, there’s a chance that you could lose some of your personal property to help pay off some of your debts.
Chapter 13 Bankruptcy
A chapter 13 bankruptcy filing will require you to repay as many of your debts as possible through a repayment plan. The repayment plan will be based on your income, and you will have three to five years to complete the plan. After the designated time frame, the court will discharge your remaining debts.
Will Bankrupcy Remove all of my Debts
Depending on the type of bankruptcy filing you choose, bankruptcy can eliminate all or most of your debts. There are some debts that bankruptcy won’t remove, no matter which type of bankruptcy you choose. Chapter 7 or chapter 13 bankruptcy won’t forgive child support, alimony, tax debts, or student loans.
Filing for Bankruptcy is Complicated
Filing for bankruptcy is a long and complicated process that is best accomplished with the help and advice of a bankruptcy attorney. An attorney can help you fully understand what filing for bankruptcy will and will not do for you and which type of bankruptcy is best for your needs.
Why You Need the Professional Legal Guidance
Attempting to navigate the complicated legal roads of bankruptcy without an attorney can lead to disaster. Omitting information, hiding assets, failing to list a property, or lying during testimony can lead to your case being thrown out of court or prosecution for bankruptcy fraud. Bankruptcy attorneys have the knowledge, experience, and skills to help you through bankruptcy court without incident by ensuring your file for bankruptcy with complete and honest information relevant to your case.
Bankruptcy can help you to become debt-free and give you a fresh start in 2021. If you’re considering filing for bankruptcy or need help with your filing, call Fair Fee Legal Services and let us help you get your financial life back on track in 2021.
Fair Fee Legal Services
8665 South Eastern Avenue, Suite 101 Las Vegas, NV 89123
https://www.fairfeelegalservices.com/
702-703-3333
