What Type of Bankruptcy Suits My Needs?
You work hard and you are careful about the amount of money you spend. But sometimes things happen that pushes you to the brink of financial disaster. The loss of a job, getting into an accident, coming down with an illness, or the need to take care of an ailing relative—these are all things that can put tremendous pressure on your finances.
If you can no longer pay your bills, if your financial position is no longer sustainable, then you might need to file for bankruptcy. Bankruptcy lawyers in Brighton Beach can ensure that you are treated fairly. They can also ensure that you file the type of bankruptcy that is right for you.
The Two Most Common Types of Bankruptcy
Chapter 7 and chapter 13 are the two most common types of bankruptcy. Filing chapter 7 wipes out most of your unsecured debt, including credit cards and medical bills. You will not have to pay your creditors back, and you may get to keep many of your most valuable and important possessions such as your home. Non-exempt property may be seized and sold to pay down some of what you owe. You will also have difficulty taking out a loan or establishing a new line of credit for the next 5 to 7 years.
Chapter 13 is a reorganization plan that allows you to repay your creditors over a greater amount of time. You can catch up on missed mortgage payments. You can also have unsecured liens removed from your house. In a chapter 13 bankruptcy, you get to keep all your property.
You need no longer be the victim of harassment from creditors. Once you file for bankruptcy, all attempts at collection must cease. Working with the bankruptcy lawyers in Brighton Beach at Ursulova law offices will help you develop a plan that best suits your life and circumstances. If you are struggling with your finances, you should call Ursulova law offices to review your options.