Are You a Candidate for Consumer Bankruptcy?

by | May 27, 2014 | Lawyers


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If you’re one of the many Americans struggling to get out from underneath a pile of debt you accumulated when the economy was at its worst, you are not alone. You may feel like there is no hope right now, but making the right choices right now and sticking to them can really turn things around and help you get a hold on your finances.

One thing you might want to consider is whether claiming Consumer Bankruptcy is something that would help you. Claiming bankruptcy may be the last thing you thought you would ever do, but it is something that can help you get out from underneath all of your debt so that you can start over. Consumer Bankruptcy has a couple of options available to those that wish to claim bankruptcy: Chapter 7 and Chapter 13. Both Chapter 7 and Chapter 13 can offer relief from your debt, but they are quite different from each other, so you will want to make sure that you discuss the pros and cons of each with your attorney before you decide what will work best for you.

Chapter 7 bankruptcy involves the liquidation of assets and the money from that is then used to pay off debts. The advantage of Chapter 7 is that it is over fairly quickly, meaning you can move on that much faster. Chapter 13 bankruptcy allows you to keep most of your assets, but involves a strict payment plan that can last for three to five years. If you have a regular income, it can be good option so that you can keep your major possessions.

No matter which type of you and your attorney agree is better for your situation, it is going to take a lot of commitment on your part in order for the bankruptcy to be successful. One of the most important things you will need along the way is the advice of someone you can trust. Laura Margulies and Associates LLC is a law firm that is dedicated to helping people like you find the debt relief they need to be able to move forward and leave these dark times behind. Follow us on Facebook!