With all the increases in prices on everything, it is relatively easy to get deeply in debt. One option when that occurs is to declare bankruptcy to discharge the debt. Make an appointment with a Jacksonville FL Bankruptcy Attorney to determine whether the creditors who are harassing you can be stopped.
This legal procedure will relieve you of many of your debts. If your gas and electricity are turned off, this will require them to be restored. If your home is threatened with foreclosure, that will be delayed. If you are behind on car payments your vehicle cannot be repossessed.
You will have the chance to catch up on mortgage payments, although they will not be erased. You will also continue to owe any liens on your property. This allows you time to make up the missed payments. If a creditor is trying to garnishee your wages, it will block that from happening.
Those disturbing letters that demand payment of bills will no longer be delivered. Creditors will no longer be allowed to harass you on the phone. Regardless of circumstances there are bills that must be paid. For example, educational loans, child support, criminal fines and some taxes must be paid.
There are two types of bankruptcy available for a non-business situation. You are required to give up certain possessions to be sold in a chapter seven. The possessions are sold and the money divided up among the creditors. Some possessions are exempt.
In a Chapter Thirteen, called a debt adjustment, a plan is set up to pay off debt over time. To be eligible to file this type, you must have sufficient income to pay living expenses, plus, make payments on the debt. Usually a five-year period is allowed.
All bankruptcies are federal matters, settled in federal court. A petition for the Chapter Thirteen must meet certain standards. While payments are being made, the creditors are not allowed to add interest to the money owed. The stressful attempts at collection by mail or phone will be stopped.
This legal procedure will relieve you of many of your debts. If your gas and electricity are turned off, this will require them to be restored. If your home is threatened with foreclosure, that will be delayed. If you are behind on car payments your vehicle cannot be repossessed.
You will have the chance to catch up on mortgage payments, although they will not be erased. You will also continue to owe any liens on your property. This allows you time to make up the missed payments. If a creditor is trying to garnishee your wages, it will block that from happening.
Those disturbing letters that demand payment of bills will no longer be delivered. Creditors will no longer be allowed to harass you on the phone. Regardless of circumstances there are bills that must be paid. For example, educational loans, child support, criminal fines and some taxes must be paid.
There are two types of bankruptcy available for a non-business situation. You are required to give up certain possessions to be sold in a chapter seven. The possessions are sold and the money divided up among the creditors. Some possessions are exempt.
In a Chapter Thirteen, called a debt adjustment, a plan is set up to pay off debt over time. To be eligible to file this type, you must have sufficient income to pay living expenses, plus, make payments on the debt. Usually a five-year period is allowed.
All bankruptcies are federal matters, settled in federal court. A petition for the Chapter Thirteen must meet certain standards. While payments are being made, the creditors are not allowed to add interest to the money owed. The stressful attempts at collection by mail or phone will be stopped.
About the Author:
Get a complete review of the things to keep in mind when choosing a Jacksonville FL bankruptcy attorney and more information about a reliable lawyer at http://www.woodatter.com/ now.
Aucun commentaire:
Enregistrer un commentaire