Last year I had some financial difficulties and I couldn't pay off my debt. The uncertainty of my financial future was adding to my already stressful life. After months of worry, I finally decided to contact a bankruptcy attorney. After discussing my options with the attorney, I decided to file bankruptcy. My name is Kyle Diggler and if you're struggling with debt and considering bankruptcy, I'm here to help you. I'm not an expert, but I want to share my story and my experience of filing bankruptcy with others who are in a similar situation. As you read my blog, you'll learn all about the bankruptcy process so that you'll know what to expect. I'll also share some tips to help you start your life over financially. I hope that my blog answers all the questions you have about filing bankruptcy.
There are several advantages to Chapter 13 bankruptcy, including the ability to save secured assets and t
When you are dealing with a lot of debt, it can be hard to know where to turn. Filing for bankruptcy seem
Chapter 7 bankruptcy is something that many people consider. It can be a way to help you with your past d
Are you having problems with your finances? If so, is it because you have too much debt? When people have
Sometimes parents hesitate to file chapter 7 bankruptcy because they're afraid the court will take their
Are you having problems with your finances? If so, is it because you have too much debt? When people have more debt than they can repay, they might turn to a bankruptcy attorney for assistance. Your attorney will consider several primary factors when evaluating your case, and these factors determine which branch of bankruptcy you should file. Here are the main three factors that affect this decision.
Your Income
The amount of money you earn plays a significant role in your bankruptcy case. If you earn too much, you might only be able to use Chapter 13. If you meet the income standards in your state, you might be eligible for Chapter 7. Some people might be eligible for only one branch, while others might qualify for both. If you qualify for both branches, your attorney can help you decide which to use. The main factor that determines this, though, is your income.
The Debts You Owe
The next factor that a bankruptcy attorney considers is a person's debts. If you want to get the most out of a consultation visit, make a list of your debts before going. Write down the name of each creditor you owe, a description of what the debt is for, and the amount you owe. When an attorney sees a list like this, they will have an easier time deciphering the types of debts you have. As a result, the attorney can provide the best advice to you about which branch to use. Chapter 7 is best when people owe unsecured debts, like credit card bills. Chapter 13 is better when the person owes secured debts and debts that would not qualify for a discharge.
Your Assets
Your assets also affect an attorney's advice. If you have a lot of assets, filing for Chapter 13 is often better. A Chapter 13 bankruptcy filing allows you to keep the things you own. If you do not have a lot of assets, filing for Chapter 7 might work well. When using Chapter 7, you risk losing assets, as the court can take assets from you in exchange for forgiving some of your debts.
Bankruptcy attorneys use these three factors to offer advice to people who need help with their debts, but they might consider some other factors, too. If you would like advice about your financial situation, contact a bankruptcy law firm today to schedule a consultation visit.
Share