3 Common Questions on Bankruptcy
Over the years, we have served more than 8,500 clients, many of whom needed assistance filing for bankruptcy. While this may sound like something you want to do, it is safe to assume that you need to learn more before making a final decision.
Bankruptcy is a big decision. If done right, this can improve your financial situation. Conversely, if you file when you don’t have to, it could put you in a worse position.
The key to success is understanding the finer details of bankruptcy, including how to move forward and what this will mean to you in the future.
Answering these three questions will help you better understand bankruptcy:
Will bankruptcy wipe out all my debt?
With Chapter 7, most or all of your debt will be discharged. With Chapter 13, however, you will take on a repayment plan. This allows you to repay a portion of your debt
What are the primary differences between Chapter 7 and Chapter 13 bankruptcy?
You need to know the details of each, including the requirements for filing. For example, you may not qualify to file for Chapter 7. In this case, you may want to opt for Chapter 13.
How do I get started?
It is one thing to think about bankruptcy, but another thing entirely to start the process. If you come to the conclusion that this is the right idea, you don’t want to wait any longer to get started.
It is likely that you will have other questions related to the bankruptcy process. Even so, these three will help you better understand your current situation as well as what to expect in the future.
If you have any questions, regardless of what they may be, don’t hesitate to contact us. We can help you better understand bankruptcy and what it could mean for your finances. This will give you the confidence to make a final decision.