If you're struggling with debt, late on payments and facing foreclosure, filing bankruptcy may provide you with the relief you need. Bankruptcy is a legal option designed to eliminate high-interest credit card debt and halt foreclosure and repossession.
A local bankruptcy attorney can help you explore the exemptions in your state that may allow you to keep your home, car and other essential possessions even after filing bankruptcy.
You can speak to a local bankruptcy attorney about your case today. Simply fill out the free form on this page or call toll-free 877-349-1309 to connect with an attorney in your area for a free case evaluation.
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The bankruptcy process is governed mainly by federal laws that can provide debt relief for many Americans. However, each state also has its own bankruptcy laws that may affect how individuals can file.
State laws also affect an individual's eligibility to file Chapter 7 bankruptcy. The Chapter 7 means test, a requirement for Chapter 7 filers, uses compares the filer's income to the median income in their state.
You can learn more about bankruptcy laws in your state from a local bankruptcy attorney.
The majority of personal bankruptcy filers will choose either Chapter 7 bankruptcy of Chapter 13 bankruptcy. Each bankruptcy chapter provides unique advantages for different financial situations.
Chapter 7 bankruptcy is typically best suited for individuals with excess credit card debt, medical debt, or other types of "unsecured" debt that are not tied to a specific piece of property. Chapter 7 bankruptcy may be able to provide a fresh start free from debt.
Chapter 13 bankruptcy is usually recommended for those with real estate or other valuable property, as well as those with a regular income who may wish to repay debts over time. Chapter 13 creates a structured repayment plan that may reduce debts, and lasts three to five years.
A consultation with a local bankruptcy lawyer may help determine which bankruptcy chapter may be more appropriate for you.