Bankruptcy And Your Right To Debt Relief

If you are struggling to keep up with your bills and monthly expenses such as mortgage or rent, car payments, and medical expenses, you have a legal right to debt relief.

Debt Relief And Credit Counseling

Debt relief can come in the form of a debt repayment plan, or consolidation. This can often be done with the assistance of a credit counseling agency or a lender that can offer you a consolidation loan at a better interest rate. In many cases, this can be done for credit card debt.

Credit counseling agencies can be helpful with debt relief. They can help you find debt solutions by getting an overview of your finances and offering suggestions that could help you find the debt relief you need. With a picture of your finances, the credit counseling agency can determine which types of debt relief may work best for you. In some cases they may suggest debt management tips or strategies, or whether debt consolidation or refinancing could help you find debt relief.

Debt Relief Through Bankruptcy

If your debt to income ratio is especially high, it's possible that bankruptcy may be suggested as an option. The credit counseling agencies won't necessarily recommend that you file for bankruptcy but can let you know whether you might be a good candidate for a bankruptcy filing.

Immediate Debt Relief Through Bankruptcy

If your debt is increasing beyond your ability to continue paying for it, Bankruptcy may be an option.

Debt Relief And The Automatic Stay

Under bankruptcy law, the Automatic Stay provides instant relief by barring nearly all creditors when you file for bankruptcy. The Automatic Stay doesn't last forever, but can give you the breathing space to start catching up and take the next steps in your bankruptcy proceedings.

Chapter 7 Bankruptcy

If you don't own a home and are over your head in debt, filing for Chapter 7 Bankruptcy may be your best option. If your credit card debt is growing, you possibly have outstanding medical debt, or even behind on your car payments, Chapter 7 can offer a fresh start by discharging all or most of your unsecured debt, usually within one year of your filing.

Chapter 13 Bankruptcy

If you own a home and are hoping to keep it, Chapter 13 Bankruptcy could help you to keep your house by allowing you to get caught up on your mortgage through a court approved repayment plan. If you are behind on your car payments and wish to keep your car, then you can include any amounts past due in your debt repayment plan.

Chapter 7 vs Chapter 13

The Walker Law Firm is a Debt Relief Agency

If you are struggling with debt and it's only getting worse, contact the Walker Law Firm Today! We offer a free consultation to discuss your best options for getting out of debt.