When a person’s debt begins to rise higher and higher, they will often become panicked and end up making unwise financial decisions. Attempting to pay off debts with credit cards or loans can only add to the financial burden one is already experiencing. To avoid losing property and dealing with collection activity, it behooves a person to seek help from attorneys in Glendale, AZ. They can offer debt relief solutions to help people overcome their debt and work towards financial freedom.
The first step in overcoming debt through bankruptcy is deciding which type will be most beneficial. The decision will need to be made by the attorney and the one in debt. To discover the right option, a person needs to bring in their financial records, income statements, and property ownership information. Any financial records a person can provide will prove helpful in allowing the attorney to decide which bankruptcy type will bring the most relief.
When a person is seeking bankruptcy, they have two options: chapter 7 and chapter 13, which are both allowed for individuals and married couples. Chapter 7 is generally considered the easiest to apply for and is typically settled in six months or less. Those who do not have secured debt will find this option to be most successful in allowing them to be free of their debts as quickly as possible. The only drawback of this option is some people will need to have portions of their non-essential property sold to pay down the debts they owe.
Chapter 13 can allow people to avoid losing their home to foreclosure. This type of bankruptcy can take three to five years to settle and a person must pay on their restructured accounts as they are ordered to do so by the bankruptcy judge. Once this bankruptcy is in effect, creditors can no longer pursue the debtor.
Attorneys in Glendale, AZ can help you overcome your debt and find relief from the stress it causes. For more information, click here and visit website. Asheton B. Call is an attorney that works to help people overcome their debt as quickly as possible. Call today for your appointment.