Understanding consumer bankruptcy options: a primer
On behalf of The Rollins Law Firm posted in Personal Bankruptcy on Wednesday, October 15, 2014.
People challenged by unsustainable – and forever growing – debt obligations know well the feelings of hopelessness that being mired in debt can engender.
Perhaps you are one of those people, whether in Mississippi or elsewhere. You might have already cut costs in every conceivable area of your life. You might have sold possessions. You might be working two jobs. Perhaps you have already tried – unavailingly – to work purposefully with your creditors. Maybe some of those people are beginning to harass you at home and at the workplace.
Under that scenario, a bankruptcy filing can logically emerge as a distinct possibility. In fact, there comes a time when it makes eminent sense for some debtors to willingly engage the process by consulting with an experienced debt relief attorney.
Clarity can result from such a contact. For starters, many people are encouraged to learn that bankruptcy is truly a viable option for them, being a remedy long provided for under federal and state laws. Additionally, debtors can quickly learn much about the different types of consumer bankruptcies and the process they might best pursue to regain a fresh financial start.
As noted by an online legal information source, there are two types of bankruptcies that feature most commonly for consumers, namely, Chapter 7 and Chapter 13.
A point regarding these options: They are geared toward different situations and benefit debtors in different ways.
Although this blog has provided summary information regarding both processes in prior post entries, close consultation with an experienced bankruptcy attorney is obviously advised for any consumer seeking in-depth knowledge and guidance on a best-option strategy.