When people are faced with an overwhelming amount of debt, it does not mean that they have been reckless in their spending habits. Sometimes debt happens as the result of an unanticipated illness or repair. Therefore, trying to keep on top of increasing obligations can be too much for a person to bear.
Turn to the Services of a Bankruptcy Specialist
That is why it is good to know that you can turn to a debt attorney in New Haven, IN to assist you in eliminating a debt issue. Use the services of an attorney who specializes in bankruptcy filing to proceed with a Chapter 7 bankruptcy (liquidation) or a Chapter 13 bankruptcy (reorganization).
A debt attorney can advise you on what type of filing is best for you. Typically, people who file Chapter 7 bankruptcies do not own an asset, such as a house, that they stand to lose. In this case, they are simply trying to eliminate a large credit card debt or obligations such as medical bills. However, if you think that you can get rid of a student loan debt, you cannot. A student loan must be paid back even if you have other debts that can be written off.
Playing Catch-up
In the case of a Chapter 13 filing, a debt attorney will assist you in reorganizing your debt so you can make repayments. A Chapter 13 bankruptcy filing is recommended if you have a mortgage and have missed some of the payments. You can catch up on these payments if you promise to repay a part or all of your other obligations.
Chapter 13 bankruptcy filings are normally initiated by debtors who have a regular source of income and can use the money to repay their obligations. The filing can also help you catch up on auto payments so you can keep your car.
Where to Obtain Legal Advice
You can learn more about debt repayment when you contact a law firm such as Fred Wehrwin, P.C. By making a call, you can overcome a debt issue with the help of a competent legal advisor. Contact an attorney today if you are finding it difficult to stay afloat financially. You can also connect them on Facebook.
