Debt is something most people will have to deal with in their lifetime, but for some people, debt is something they cannot overcome. When you have more debt than you can afford, you may feel overwhelmed. While already feeling stressed about your debt, you soon begin receiving harassing phone calls with threats to garnish your wages or take you to court. This compounds the problem even further. If you are dealing with way more debt than you have money to pay for, there is help. Through a Bankruptcy Lawyer Tipp City OH, you can find the best option for your financial needs and come out from under your debt in as little as six months.
What are Your Options When It Comes to Filing for Bankruptcy?
There are two main types of bankruptcy individuals can file. When you meet with the Bankruptcy Lawyer Tipp City OH, he or she can take a look at the debt you owe, your assets and your income, to help you make the decision on which type will best help your situation. This information can assist you in knowing more about your options, so you will be prepared to meet with your lawyer.
Chapter 13 bankruptcy is one of the most common types of bankruptcy. This type allows you to list all of your debts and amounts owed to each of your creditors. Based on your income and the amount of debt you owe, you can choose to pay off your debt in two to five years. You will make a monthly payment through the court and this amount will be split up among the creditors you owe.
Chapter 7 bankruptcy works differently than chapter 13. In this type, you must sale all of your non-essential property, to pay off your debts. You are allowed to keep your residential home, car, furniture and clothing. Overseeing your bankruptcy will be a court-appointed trustee. This trustee works to liquidate your assets and pay down your debts as much as possible. This process is normally completed in as little as six months and once your debts have been paid or absolved, you are no longer responsible for paying any further amount.
If you are thinking about filing for bankruptcy, contact the law office of Shipman Dixon & Livingston Co. L.P.A. They can help you through your bankruptcy, so you can finally be free of debt.
