Almost everywhere you turn, there is someone offering easy credit. The temptation to get something now and pay for it later rather than save up money to buy the item can be strong. Unfortunately, the lure of easy credit causes people to get in over their heads. Before they know it, they’re hundreds of thousands of dollars in debt and creditors are breathing down their necks. If this sounds like a situation you’re in, a Bankruptcy Lawyer Piqua OH firm may be able to help.
Bankruptcy is a harsh word, and one many people don’t like to hear. If your debt grossly outpaces your income, however, then this may be the only avenue out of your situation. There are two type of bankruptcy: chapter 7 and chapter 13. Chapter 7 bankruptcy discharges almost all debts. You are not required to repay any debt that has been discharged by the court and creditors are barred from attempting to collect on debts that have been wiped out by a chapter 7 bankruptcy. Chapter 13 is called a wage earner’s plan because you are assigned a trustee who develops a repayment plan for you. You are required to pay a certain amount each month, and that money is dispersed to your creditors.
Bankruptcy laws have been tightened over the years, and it’s not as easy to get debts discharged as it once was. To increase your chances of obtaining the results you want, it’s best to work with a bankruptcy law office like Shipman Dixon & Livingston Co. L.P.A. They can review your particular financial situation and advise you on the best course of action to take for obtaining the desired outcome.
Even if you don’t want to file for bankruptcy, an attorney can still help you with your financial situation. They can suggest other methods of debt elimination and even negotiate with creditors on your behalf. If you do decide to file for bankruptcy, the attorney can help you avoid losing property-;like your home-;in the process. To see how an attorney can help you with your situation, contact a Bankruptcy Lawyer Piqua OH firm today.
