Financial difficulties are quite common. Most people work hard and do their best to pay all their bills and debts to the best of their ability. Unfortunately, emergencies and illnesses occur that can throw off their ability to keep up with these payments. This can create a serious financial burden that is difficult to get out of. These financial difficulties can even affect a person’s ability to work and find a decent place to live. Fortunately, bankruptcy lawyers in Wetumpka, AL offer help in getting out from under this debt.
Getting Help with Debt
There is a variety of options available to help consumers get out from under serious financial difficulties. Dealing directly with creditors can often help reduce payments and find options to help alleviate the harassment and pressures these debts can cause. If these options do not provide the best solution for a person’s situation, bankruptcy provides a legal method to settle this debt. bankruptcy Llawyers in Wetumpka, AL can assist individuals to determine the best choice of action for their financial situation.
Chapter 13
For many people, chapter 13 bankruptcy is the best solution for their financial difficulties. In this process, a repayment plan is established to help pay down much of the debt. The court will assist in determining a payment plan that the individual can afford. These payments are spread over a course of three to five years. At the end of this repayment period, any remaining debt may be dismissed. This allows consumers the opportunity to take control of their finances.
Chapter 7
Some people face financial difficulties due to job loss or a complete loss of income. For those with little or no income, chapter 7 bankruptcy may be the best solution. In this bankruptcy process, any non-exempt property is liquidated to pay down debt. Any remaining debt is then discharged at the end of the proceeding. This allows these individuals the opportunity to have a fresh start in their financial future.
Bankruptcy is not a process to take lightly. It is a complicated, legal process that can have serious effects on a person’s credit rating for years after. Contacting an attorney at Courtney & Mann, LLP provides advice and assistance in determining if bankruptcy is the best option for the individual’s situation.
