It’s a fact: tough times have taken a real toll on individuals and families. If you’re struggling to pay your bills, facing home foreclosure, vehicle repossession, utility shutoff and other financial problems, seeking protection under Chapter 7 or Chapter 13 of the federal bankruptcy code may provide the fresh start you need and deserve.
Is Bankruptcy the Right Choice For You?
Debt and financial problems can creep up on you faster than you realize, and it can happen to anyone. The debt relief attorneys at DannLaw are experienced in bankruptcy cases and can help you determine if bankruptcy is the right course of action for your situation. You might consider it if:
- You are receiving constant harassment from creditors through calls and collection attempts
- You are facing foreclosure
- You have had your car or personal property repossessed
- You are struggling to repay loans, debts or credit cards
- Your wages are being garnished
- Bank levies are currently blocking your accounts
These are just some of the most common situations where bankruptcy can be the best choice available. It is also important to understand the difference between the two primary types, as they afford you different options.
Chapter 7 Bankruptcy
If you want a completely fresh start, Chapter 7 bankruptcy may allow you to eliminate your dischargeable debts, such as credit cards and medical bills, without needing to make any repayments. This is the most common form of bankruptcy in the United States.
Chapter 13 Bankruptcy
While this plan doesn’t immediately absolve you of your debts, Chapter 13 does allow you to slowly pay off your creditors over a period of three to five years. One benefit of Chapter 13 over Chapter 7 is that you can usually keep most of your high-value assets.
Taking into account how serious your debts are and how underwater you are financially will be the key factor of whether to pursue Chapter 7 or Chapter 13. If you have more questions, check out our Bankruptcy FAQ.
Contact Experienced Bankruptcy Lawyers Today
DannLaw’s experienced debt relief attorneys can help you determine if bankruptcy is your best option. We handle cases in:
- New Jersey
From gathering information to filing the right type of action, to conducting creditor meetings to final discharge, we provide personal attention that helps homeowners navigate the complex bankruptcy process. Contact DannLaw today for a free consultation.