Many people who are likely to benefit from bankruptcy filing will postpone this because it is unclear whether it is wise choice or qualified. They may be wondering whether there is too much debt or shortage to make valuable submissions. If you do not have income covering the lowest payment, relatively small liabilities can lead to bankruptcy, having healthy income means that you borrow and get into debt It does not mean that you can not. Regardless of the amount you are processing, if you do not get the bills, starting a bankruptcy survey is a good idea.
Chapter 7
When we meet, discuss the basics of your situation and then conduct a means test that will help us decide the best bankruptcy chapter for you. In this calculation, you see your income, living expenses, liabilities, and assets and calculate your disposable income. If there is not enough disposable income to repay your debt, you will pass the test and you will be entitled to Chapter 7. This type of bankruptcy emits most obligations, especially unsecured debt. And is discharged. Since Chapter 7 can not be submitted only once every 8 years, I'd like to secure the optimum time for your situation before submitting it. Even if you are not too numerous, if you are drowning in debt, Chapter 7 may give you a new start you need.
Chapter 13
If people do not pass the average test, they may worry that their debts and consequences are packed forever. Fortunately, there are other options such as chapter 13 bankruptcy. Chapter 13 is not an immediate release of unsecured debt but consists of a reduction plan for three to five years. This plan is based on your disposable income. If you pay during this period, the remaining debts will be exempt. This will pay a penny for 1 dollar of the original debt.
As in Chapter 7, there is no minimum liability that needs to submit Chapter 13, but a limit is set. It can not exceed $ 360,000 for unsecured debt and $ 1,081,000 for collateralized obligation. Even if you borrow beyond that amount, there are several other options, but I am working with you to find an appropriate solution.
Please do not go alone.
Each decision related to your finances is important and it can be overwhelming if you try to decide what to do on your own. If you do not know the best way to handle your debt, please help me. You may need to make some budget adjustments and collaborate with the debtor to make a more manageable payment plan. It may also be a time to take advantage of the many advantages of bankruptcy. In any case, it is time to rule your finances and start a new start.
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