Is bankruptcy the right solution for you? Sometimes, we struggle with debt from many sources, and it can become difficult to manage your finances. There are several options available if you are facing this situation. Sometimes, you are able to consolidate your debt or call your creditors to work out a plan.
There are alternatives to formal bankruptcy proceedings that may be a viable solution. However, each case is unique, and every situation is different. But should Bankruptcy be the option? Keep in mind that there are various types of Bankruptcies. For example, Chapter 7 can eliminate most types of unsecured debt. An unsecured debt is a type of debt that is not tied to specific property, i.e.: house or a car. Most unsecured debt include things like credit cards, hospital bills, utility bills, cell phone bills, department store cards, and medical bills, etc. The primary purpose of a Chapter 7 Bankruptcy is to have your debts discharged and give you a fresh start. The discharge relieves you from having to pay the debt.
However, not everyone qualifies for a Chapter 7 for it requires that you meet the “means test.” The “means test” compares your monthly income and the amount of your debt to figure out how much you can pay your creditors. If after the application of the “means test” it is determined that you are incapable of paying the debt, then you can proceed with a Chapter 7 Bankruptcy where your debts are discharged.
It’s best to talk with an Attorney at Rivera- Aguilar Law Firm, P.A. to determine the best plan of action.
Is Bankruptcy the Right Solution for You? Call us 407-693-0039 or click here to get more information.https://rivera-aguilar.com/contact-us/
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