These days, debts are piling up faster than people can handle them. While there are many ways for you to get in debt, there are often not so many solutions to help you out. Fortunately, there is help available. Through a Bankruptcy Law Firm, you can learn about your options for filing for bankruptcy, so you can be free of your debt. The law has made filing a right for every American citizen. If you are dealing with more debt than you can handle, read on, so you can learn about some of your options.
- If you own a substantial amount of assets and do not mind them being sold to pay down your debts, you may want to consider Chapter 7 bankruptcy. This type of bankruptcy is available for individuals to file. You will be required to sell any assets above your residential home, furniture, clothing and car. All other assets are sold to the highest bidder, through auction. This liquidation of your assets allows the court-ordered trustee the money needed, to pay down your debts as much as possible. The trustee is responsible for paying your debts on your behalf and may be able to absolve some of the debts you owe, depending on the circumstances surrounding your bankruptcy.
- For those who own few assets or do not want to have to sell what they own, there is Chapter 13 bankruptcy. In this type of bankruptcy you are not required to sell any of your property. Instead, you pay a payment to the court each month, so your creditors can slowly be paid off. The amount of time needed for your bankruptcy will depend on how much income you have coming in each month and the amount of debts you owe. The vast majority of people have their debts settled in around two to five years. The Bankruptcy Law Firm will be able to give you further information on the expected time period.
If you have done all you can to get out of debt and are still struggling, contact the office of Brent Sorenson & Associates P.C. There is no reason for you to continue to struggle with debt, when their is help available. Contact them today to schedule your consultation appointment.
