If you are facing severe debt loads and difficulties, then you may greatly benefit from the option of bankruptcy as a form of financial relief and freedom. You may have various questions regarding the process, such as how long it will take. The bankruptcy timeline that you will face will depend largely on your monthly income and expenses, and whether you have any monthly income left over after you cover your living expenses.
Chapter 7 is the form of bankruptcy where there is no monthly payment to a trustee, and the case is over in 90 days. A Chapter 7 bankruptcy is typically used to eliminate credit cards, medical bills and personal loans. There is no payment monthly in a Chapter 7 because the people that qualify generally have just enough monthly income to cover their monthly living expenses, but they have no monthly income left over to pay toward credit cards, medical bills and personal loans.
For people that have monthly income left over after they have covered their living expenses, thus leaving them some of their income to pay toward debts like credit cards, then a Chapter 13 may be the appropriate form of bankruptcy. Chapter 13 bankruptcy is the form of bankruptcy where there is a monthly payment to a trustee, for a period of 3 to 5 years, and it is used as a way to consolidate your credit cards, medical bills and personal loans into one monthly payment. A Chapter 13 can also be used to help you stop a foreclosure, get caught up on missed mortgage or car payments, and pay property or IRS taxes.
Finding Debt Relief Through Bankruptcy
If you are suffering from financial hardships and are seeking relief, then contact my firm so that we can meet and review your bankruptcy options for solving your financial problems. Let’s look at all your options before your situation gets any worse, because debt problems generally do not go away on their own. I offer a free case evaluation so that you can get all your questions answered as we review all your options.
Contact me today to discuss your case and to begin pursuing financial relief. Your evaluation is free.