Many people who are trying to make their ends meet while simultaneously struggling to pay their dues are often worried about how they are going to pass this phase. Since credit ratings are of huge importance, non-payment of dues will result in bad credit ratings which will make things worse. In case you are facing wage garnishments, worried about foreclosure, repossession of your vehicle, etc., then it is time to look for bankruptcy lawyers near me. One of the best Bankruptcy Attorney Los Angeles firm, Recovery Law Group is committed to helping out families and individuals who are going through a bad financial phase and therefore struggling with debt.
The first step to make amends is to admit to the problem. While consulting bankruptcy lawyers, it is important to be open to discussing your financial situation with them. Once the situation is clear, only then the best resource for your debt problem can be devised. Since every debt problem is different, debt solutions are also unique. Options for bankruptcy include:
Chapter 7 bankruptcy
Since everyone does not qualify for chapter 7 bankruptcy, take the means test estimator to know whether you are eligible for this type of bankruptcy. In case you do, you can be debt free in a few months.
Chapter 13 bankruptcy
In case you are not eligible for Chapter 7, the next option available is Chapter 13 bankruptcy. In this option, you need to pay back a fraction of your debt to the creditors over a period of 3-5 years. This may help stop foreclosure and allows you to retain your home and any other property.
Often bankruptcy is not the only option available for people undergoing financial problems. Alternatives to bankruptcy filing include loan modifications, debt negotiations, etc.
Options for Married Couples
In case, one of the spouses is having debt problems, they can file for bankruptcy independently without the other. Ask bankruptcy lawyers how bankruptcy works for non-filing spouses.