What is Bankruptcy?
If you’ve fallen behind on bills and have significant debt, you may feel overwhelmed. Bankruptcy can help you to rebuild your finances and get the fresh start that you need. At Diment & Associates, we represent both debtors and creditors in bankruptcy and debt resolution cases.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is a way to discharge debts that you can’t afford to pay. It can be used as a way to eliminate many types of unsecured debt, including credit card debt, personal loans, and medical expenses. Filing for Chapter 7 bankruptcy can also provide you with legal protection against wage garnishment and collection attempts.
Chapter 13 Bankruptcy
While Chapter 7 is the most popular form of bankruptcy, not everyone qualifies for this form of debt relief. Means testing is used to determine eligibility. Chapter 13 bankruptcy is an option for those that make too much money to file for Chapter 7 bankruptcy.
Chapter 13 bankruptcy allows you to reorganize your debt and create a three-to-five-year repayment plan. It provides legal protection against many collection tactics, such as a judgment lien, and can help you to avoid foreclosure or repossession. This form of bankruptcy is similar to debt consolidation, but doesn’t require you to repay your debts in full.
How Diment & Associates Help
While it’s possible to file for bankruptcy without an attorney, working with an experienced bankruptcy attorney can save you time and money.
Our team can talk to you about your options and can help you to determine if bankruptcy is the best form of debt relief available to you. We’ll ensure that the paperwork is properly completed and that all eligible debts are a part of the filing.
If you’re drowning in debt, there’s a light at the end of the tunnel. Bankruptcy can help you to put your debts behind you and rebuild your credit. To find out more, call Diment & Associates at (225) 341-7433 for a free, no-obligation consultation.