Debt is something most every person has to deal with at some point. Debt can begin to mount when an unexpected job loss or illness occurs. It is important one is aware of their rights to file for bankruptcy so they can overcome their debt and seek financial freedom. With the help of a Bankruptcy Lawyer in Grand Rapids MI, people can find out which type of bankruptcy will be most helpful for their financial situations.
There are two main types of bankruptcy available for the average citizen to file. The type one files will depend on the type of debt they have, how much debt they owe, their income, and their assets. A bankruptcy lawyer can carefully review a person’s financial records and help them determine the best method of filing for bankruptcy so they can truly overcome their debt.
Chapter 7 is one of the easiest bankruptcies to file because it is accomplished quickly. Most chapter 7 bankruptcy cases take six months or less, and then a person’s debts are behind them. It is important one is first able to pass a means test, or they will not be able to file chapter 7. The means test investigates the person’s income to make sure it is low enough to file for chapter 7. If approved, a court trustee takes over and works to absolve debts and liquidate certain types of property to pay off debts.
There is also the option of chapter 13. If one does not qualify for chapter 7, they may for chapter 13. This type does have debt limitations that change from time to time. Once one has been approved for their bankruptcy, their creditors can no longer pursue them, and they are given time to pay off their debts and prevent the loss of their home or other property.
If you have more debt than you can handle, now is the time to act. With the help of a Bankruptcy Lawyer in Grand Rapids MI, people can overcome their debt and start a better financial future. Contact here and allow them to schedule an appointment so you can find out which form of bankruptcy you qualify for.