Why File
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Filing for Bankruptcy
Filing for bankruptcy can help you get out of debt. But, it’s not an easy decision because there are many factors when it comes to deciding the type of bankruptcy that’s right for you. These include the types of debt you have, the property you own, and whether you are facing foreclosure of your home or repossession of your vehicle.
Chapter 7 bankruptcy offers people a way to discharge unsecured debts. Chapter 13 bankruptcy allows people to get control of their debt by devising a repayment plan that can be paid over 3-5 years. Contact Nicholas Fuerst to learn more about which type of bankruptcy protection may be right for you as well as the proper paperwork to file.
Chapter 7 bankruptcy allows you to eliminate your credit card debt. Under Chapter 13 bankruptcy, you pay off your debt through a scheduled repayment plan. Since credit card debt is not seen as a priority, you may not have to pay it back at all under Chapter 13 bankruptcy. Other unsecured debts may also be discharged under Chapter 7 bankruptcy.
Chapter 13 bankruptcy may allow you to stop a foreclosure on your home and give you time to catch up on missed payments. If your car or other property is in danger of being repossessed, Chapter 13 bankruptcy may also be able to stop collection efforts and put a repayment plan into place.
When you file for bankruptcy, an Automatic Stay is put into place. This stops creditors from making harassing phone calls, garnishing your wages, and taking you to court to collect a debt.
Filing for bankruptcy can be complicated. That’s why having an experienced bankruptcy attorney on your side can help. Contact Nicholas Fuerst for more information about bankruptcy so you can decide if it’s the right decision for you.
