Filing for bankruptcy is certainly not a step that should be entered into lightly. It takes careful thought and help from a bankruptcy attorney for the best results. With this information, individuals will learn how to effectively File credit card bankruptcy so their debts can legally be overcome as soon as possible.
Getting Started with a Consultation
To find out which type of bankruptcy is going to be most beneficial, the individual will need to schedule a consultation with the bankruptcy attorney. This attorney will first carefully review the financial records of the individual to determine the best form of legal recourse.
Depending on the types of debt owed, the bankruptcy attorney will offer information on filing. Chapter 7 is a type of bankruptcy that is best for unsecured debts like credit card debt. This type of debt is not attached to any asset so it is easier to overcome.
The main drawback in filing for Chapter 7 is the liquidation process. If an individual owns assets, the non-essential ones will be liquidated so the debts that are owed are paid off. A third-party trustee will be placed in charge of the process. They are responsible for gathering all non-essential assets so they can be accounted for and sold as soon as possible.
The individual will likely be able to keep their residential home, furniture, car, and non-valuable assets. The goal of the liquidation will be to remove as much debt as possible so it is paid off. The trustee may offer to absolve some debts, depending on their type.
How to Get Help Now
Those who are suffering from credit card debt have rights afforded to them under the law. One of those rights is seeking help from a bankruptcy attorney. Those who are dealing with mounting debt need to seek legal help as soon as possible so they can avoid further penalties and greater debt.
Call the office today to schedule an appointment. They will help you every step of the way to ensure your needs are met. Allow them to assist you in legally overcoming your debt as quickly as possible.