Important Information on Bankruptcy Filings

When a person files for bankruptcy, it is because they have experienced a level of debt they are no longer able to afford. When you are being threatened with wage garnishment or being taken to court, it is important you do not ignore the issue. Through the help of an attorney, you can learn more about your options for Bankruptcy Filings so you can make an informed decision for your financial needs.

When you see a lawyer about Bankruptcy Filings, your financial records will be gone over and the lawyer will talk with you about your income and your debts. It is important you provide as much information as possible so the lawyer can assist you in making a choice on which bankruptcy option will be best.

You have two options when it comes to filing as an individual or married couple. Chapter 7 bankruptcy has an income requirement that must be met through passing a Mean’s Test. If you pass the test, you can file for this type and have your debts settled or absolved in less than six months. If you own certain types of property, you may be required to surrender it so it can be sold to pay off debts you owe.

There is also the option of filing for chapter 13. In this type, there is no income requirement. You also do not have to surrender any property to pay off your debt. Instead, you make a monthly payment to the court each month. This payment is dispersed among your creditors so your debts can be paid down. The period of time for this bankruptcy lasts between two to five years. The amount of time you are given will depend on the debts you owe and your monthly income amount.

If you are finding it increasingly difficult to overcome your debts, you may want to consider your bankruptcy options. By contacting a bankruptcy lawyer and scheduling a consultation, you can learn more about your options so you can make the best choice to overcome your debt. Through bankruptcy, you can secure a brighter financial future.

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