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How Can Bankruptcy Help Me?
If you are considering filing for Bankruptcy we know that you have questions. We are here to help.
How Bankruptcy Can Help Someone in Debt
Bankruptcy isn't for Everyone - But it Does Help Many
Today, with rising inflation many families are struggling under immense financial strain. With rising interest rates, and credit card debt. Many people are looking for ways to get out from under the burden of debt. One way to achieve this is through bankruptcy.
Bankruptcy can offer many benefits to those struggling with debt. It can give you a fresh start by discharging your debts, and it can stop creditors from harassing you. Filing for bankruptcy also puts an automatic stay in place, which stops most collection activity against you. If you are considering filing for bankruptcy, it is important to speak with an experienced bankruptcy attorney to discuss your options and determine if bankruptcy is right for you.
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How Does Chapter 7 Help?
Depending on your situation, Chapter 7 can do the following:
1. It can give you a fresh start by discharging most of your debts.
2. It can stop creditors from harassing you and collection activity against you.
3. It can put an automatic stay in place, which stops most collection activity against you.
4. It can give you time to catch up on missed mortgage or car payments.
A Chapter 7 bankruptcy can also help you keep certain property, such as your home or car. If you have a large amount of equity in your home, you may be able to keep your home and still eliminate your other debts.
How Does Chapter 13 Help?
Depending on your situation, Chapter 13 can do the following:
- It can reduce the amount you owe on your mortgage or car loan through a repayment plan.
- It can lower the interest rate and extend the terms of your loans, making it easier to pay them off.
- It can help you catch up on any missed payments, preventing foreclosure or repossession of your home or car.
- It can protect certain assets, like your house or car, and help you keep them during the bankruptcy process.
No matter what type of debt relief you are looking for, filing for bankruptcy can be a helpful tool in getting out from under-crushing debt. Bankruptcy is not easy and it should not be undertaken lightly.
However, with the help of a qualified bankruptcy attorney, you can make the best decision for your situation and come out on the other side with a fresh start. If you are considering filing for bankruptcy, it is important to speak with an experienced bankruptcy attorney to discuss your options and determine if bankruptcy is right for you.
Bankruptcy can offer many benefits to those struggling with debt and it can be a powerful tool in helping you get back on track financially. By speaking with an experienced attorney and exploring all of your options, you can make the best decision for your particular situation and take control of your financial future.
Bankruptcy may not be right for everyone but if you are considering it, it is important to speak with a qualified bankruptcy attorney to understand the process and determine if it is the right decision for you.
If you are struggling with debt, contact an experienced bankruptcy attorney to discuss your options with our bankruptcy attorney Kristen Nardone of Nardone Law, and determine if bankruptcy is right for you.
Call us at (704) 784-9440 or fill out the form for a free bankruptcy consultation.