No one plans to accumulate more debt than they can pay. Unfortunately, this situation can develop all too easily. Once you realized you have borrowed more than you can afford to repay, it’s natural to feel overwhelmed and helpless. However, bankruptcy can provide you with the relief you need. If you are planning to file bankruptcy, you need to consult a Desoto Bankruptcy Lawyer for assistance.
Bankruptcy is a legal process designed to provide relief to people in debt. Two primary types of bankruptcy are available to individuals: chapter 7 and chapter 13. Chapter 7 bankruptcy is designed for debtors who cannot afford to repay their debts even with a modified payment plan. If you file this type of bankruptcy, your non-exempt assets will be liquidated and used to pay as much of your debts as possible. The court will discharge your remaining debts and you will no longer be responsible for paying them.
If you file chapter 13 bankruptcy, you will pay all of your debts on time based on a payment plan approved by the court. In this type of bankruptcy, you are able to keep all of your assets but none of your debts will be discharged.
Why Hire an Attorney?
Filing for bankruptcy can be confusing, especially when you are already feeling stressed over your finances. In addition, not every borrower will qualify for both types of bankruptcy. In order to file chapter 7 bankruptcy, you must pass a means test to show that you don’t have enough income to pay your debts.
A qualified bankruptcy attorney in Desoto, Lafayette or Marshall County can help you decide which type of bankruptcy is most appropriate for you and complete all of the necessary steps. Your attorney will also be available to provide guidance and support throughout the process so you can make the best decisions for your future every step of the way.
Contact a Holly Springs Bankruptcy Attorney
If you have more debt than you can afford to pay, it is time to take action. The longer you wait, the worse the situation will be by the time you decide to file bankruptcy. Please contact Jones & Schneller PLLC today to learn more about bankruptcy or to schedule an appointment with an experienced Desoto County attorney.