No one takes out a line of credit, applies for a loan, or purchases a house thinking that they will be unable to repay their debt. Unfortunately, circumstances in life – from poor spending and budgeting habits to huge medicals bills to housing crashes to the loss of a job and more – can result in debt accumulation with no way to repay it. If you find yourself in dire financial straits and don’t know where to turn to for relief, please contact the Caledonia bankruptcy attorneys at the Van Den Heuvel Law Office for a consultation today.
When Filing for Bankruptcy Makes Sense
Filing for bankruptcy is a sensible idea when you are facing a huge – as in thousands of dollars, or even hundreds of thousands of dollars – amount of debt and have no way to repay it. If your wages or bank accounts have been garnished, you are delinquent on your taxes, you do not have an income, you are unable to make even the minimum payment on your credit card, or you have had items repossessed, filing for bankruptcy may be your best option. Our lawyers will guide you through the two most common bankruptcy types and help you to understand your options.
Chapter 7 & Chapter 13 Bankruptcy
The two most common types of bankruptcy are Chapter 7 and Chapter 13. The former, Chapter 7, allows for the discharge of the majority of an individual’s debts, while also allowing for the individual to keep many of their assets. Chapter 13 bankruptcy, on the other hand, allows for an individual to keep nearly all of their assets while repaying their debt over a three to five-year time period on a manageable payment plan. Those who have hundreds of thousands of dollars worth of debt, have few assets, are of limited income and resources, and who already have poor credit typically benefit from Chapter 7.
Why Do I Need a Bankruptcy Attorney?
Filing for bankruptcy is not only a huge decision, it is a fairly complex financial and legal process that is best navigated by an experienced professional. When you file for bankruptcy, you can get the financial relief that you are looking for, but it comes at a cost: filing for bankruptcy affects your credit score, and can prevent you from being able to get credits cards, loans, mortgages, or even housing in the future.
In addition to assisting you in the bankruptcy process, our lawyers will also help you to negotiate with your creditors regarding more manageable repayment and explore the possibility of debt consolidation. We are here for you and will handle your case with your financial interests in mind.
Contact Us Today
We are your Caledonia bankruptcy law firm, and we are ready to serve you. Our team at the Van Den Heuvel Law Offices has the experience and knowledge of bankruptcy law that you deserve. To schedule your initial consultation, contact us today online or by phone.