There is no shame in filing for bankruptcy. It can be one of the most important financial decisions you will ever make!! The bankruptcy laws were created so that hard-working people just like you could work their way out of debt. We understand that many circumstances can lead to financial disaster for families and for businesses.
Sometimes things happen in our lives beyond our control that lead to financial disaster, forcing people to use credit cards to live on, basically robbing Peter to pay Paul. Job loss, loss of overtime, illness, etc., can all contribute to your present circumstances. There is no shame in taking steps to get out of your present situation and finding a way to move forward into the future debt-free. Don’t take the chance of losing your home because you are trying to make the minimum monthly payments to your credit cards instead of making your house payment.
Bankruptcy isn’t the end of the road for your financial future; it’s actually the first step in taking back control of your finances and building a brighter future. To get started, reach out to the compassionate and knowledgeable bankruptcy professionals at Aiello & Associates today.
Bankruptcy is a good option for many individuals and families struggling to keep up with bills. Filing may allow you to:
Filing under Chapter 7, in most cases, will immediately place a hold on all collection activities, home foreclosure proceedings, wage garnishments, harassing creditor calls, and repossessions. Speaking with a bankruptcy attorney is the first step to obtaining financial freedom.
Under the U.S. Bankruptcy Code, consumers have two options for eliminating or reducing debt, but each has different eligibility requirements.
The most common type of bankruptcy filed by individuals is Chapter 7 bankruptcy, also known as liquidation bankruptcy. In this legal process, the person filing for bankruptcy may be required to sell (or liquidate) assets to satisfy their debts. This may sound intimidating, but actual liquidations can often be avoided with help from an attorney.
In a Chapter 13 bankruptcy, sometimes called reorganization bankruptcy, the debtor agrees to a plan to repay some or all of their debt over a specific period, usually five years. While this type of bankruptcy does not outright eliminate debt, one of the main advantages it offers is the ability to avoid foreclosure on your home.
In some cases, debt relief options other than bankruptcy may be the best choice. The right choice will vary for each person or family, depending on their specific debts, income level, and circumstances. A qualified bankruptcy attorney can help you:
Deciding to file bankruptcy can be difficult, but help is available to get out from under crushing debt. To learn more about your bankruptcy and debt relief options, reach out to the experienced attorneys at Aiello & Associates. We will review your situation in detail during a free, no-obligation consultation. Give us a call today to get started.
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