If a consumer has a lot of debt and is having trouble keeping up with bills and financial obligations, it may be helpful to speak with an attorney about bankruptcy. Bankruptcy can allow a consumer with overwhelming debt to protect assets and income.
For most consumers there are two types of bankruptcy available. In Chapter 7 bankruptcy, all unsecured debts, like credit cards and medical bills, are eliminated. For secured assets, the consumer can generally keep the debt with the secured creditor or surrender the property. Chapter 13 bankruptcy establishes a repayment plan where a consumer will repay all or a portion of the debt over a period of three to five years.
If you think it is time to consider whether filing for bankruptcy would be right for you, contact the attorneys at Boyd Kenter Thomas & Parrish.