Is Bankruptcy the Solution?
Sep 29, 2020
When you are dealing with more debt than you can handle, it is important to review different debt relief options. Maybe you have tried different types of debt relief and are still struggling financially. Do not give up; bankruptcy could be your solution to get out of debt.
CHAPTER 7 BANKRUPTCY
A Chapter 7 Bankruptcy wipes out your unsecured debts, including credit cards, medical bills, pay day loans, money judgments, or previously repossessed vehicles. In a Chapter 7 Bankruptcy you can decide what secured loans you want to keep, such as a mortgage, vehicle, boat, or camper loan. If one or all your secured loans are burdensome, you can choose to voluntarily surrender the property and no longer be responsible for the debt. Chapter 7 Bankruptcy also prevents your creditors from being able to call, harass or garnish your wages.
CHAPTER 13 BANKRUPTCY
A Chapter 13 Bankruptcy can help you get current on a home or vehicle that is in default. Whether you fell behind due to job loss or a health condition, getting current while paying other bills can be difficult. A Chapter 13 Bankruptcy will stop foreclosure or repossession and allow you to repay what you are behind over a 3 to 5-year period. A Chapter 13 Bankruptcy will also take care of your unsecured debts and can be a better solution for repayment of back taxes.
There are many reasons people choose to file bankruptcy. Maybe you have thought about bankruptcy but decided to try another debt relief option instead. Maybe you are doing everything you can to avoid bankruptcy. There are many misconceptions when it comes to bankruptcy. It is important to know the truth, check out our blog, “Myths About Bankruptcy Debunked!!”
PROS AND CONS
Truth is, there are pros and cons to filing bankruptcy. How bankruptcy will affect you depends on your situation prior to filing bankruptcy. Most of our clients determine that the pros outweigh the cons and ultimately wish they would have filed bankruptcy sooner. We would never recommend someone file bankruptcy if we did not feel it was in their best interest. Are you wondering how bankruptcy could affect you? Find out by meeting with an experienced bankruptcy attorney.
At Pedersen Law Office, LLC we understand how stressful being in debt can be; that is why we offer free consults. We will discuss your circumstances and goals to help figure out what debt relief option is best for you and help you through the entire process. Our law office serves the communities of Appleton, Neenah, Menasha, Oshkosh, Green Bay and their surrounding areas.