Debt is something everyone faces and it is difficult to avoid. Unfortunately, debt can often pile up before you realize it. When you have more debt coming in than income, you can feel out of control. Though debt can be difficult to deal with, there are rights you hold. You have the right to get legal help through a Debt Settlement Attorney. This type of attorney can work with your creditors to make arrangements that benefit you.
When dealing with your debt, it is important you bring in information on everything you owe. The Debt Settlement Attorney will need to see this information so you can be offered the debt solutions that will help you the most.
Aside from trying to settle your debts through contacting your creditors, you also have the right to file for bankruptcy. This gives you two different options to help you overcome your debt.
The first option is chapter 7 bankruptcy. This allows you to go through a means test to make sure you qualify. If you meet the requirements, you can have your debts settled in six months or less. In this type, your property will be reviewed to see if any is considered non-essential. If so, it will be sold to pay down your debts. This allows you to get out of debt quickly.
Chapter 13 bankruptcy is also an option. In this type, you must pay down your debts through a payment made each month. This is dispersed among all those you owe. You are not required to surrender any property. This type of bankruptcy lasts much longer, usually two to five years. During that time period, you are not allowed to take on new debts.
If you want to learn more about bankruptcy and debt settlement, make sure you research all you can. Through an attorney, you can learn more about your options for settling your debts so you can make an informed decision on which method will benefit you the most. Contact your attorney today and schedule a consultation appointment so you can get started on being free of your financial burdens. Visit Us for more information.
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