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BANKRUPTCY
No one intends to incur debt that they can’t pay back, but sometimes you get overwhelmed by unexpected events. If you lose your job, get divorced, or have a medical emergency, the bills begin piling up. This adds to your existing stress especially if collectors are calling and demanding money you don’t have. If you’re stressed by debt, filing for bankruptcy may be the right solution. Contact the Newport Consumer Law for help with personal bankruptcy.
Types of Bankruptcy
An attorney will assist you as to which bankruptcy to file. The following are the primary options:
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Chapter 7 bankruptcy is designed for low-income filers. You have to meet a means test to satisfy the income eligibility guidelines.
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Chapter 13 bankruptcy requires you to establish a structured repayment plan and pay back debts over the next three to five years. You need a steady source of income in to qualify for this type of bankruptcy.
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You will probably have to file Chapter 13 bankruptcy to resolve problems with a mortgage and stop the threat of foreclosure.
Regardless of which type of personal bankruptcy you file, there are several requirements as part of your bankruptcy application:
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Complete a government-approved credit counseling session and financial management course;
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Fill out a bankruptcy petition and any appropriate schedules;
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Provide information about each of your assets and debts; and
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Attend a meeting of creditors to answer questions about your bankruptcy
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If you file for Chapter 7 bankruptcy, you will also have to prove your income is low enough to meet requirements and request a homestead exemption so that you don’t lose your home. If you file for Chapter 13, you must identify all business assets.
An attorney can help you with all of these requirements.
If you are interested in learning more about bankruptcy or need help filing, please contact Newport Consumer Law Group . Our bankruptcy attorneys have the knowledge and experience for the bankruptcy you need.
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