Under What Conditions Should I File Bankruptcy?

Uncontrollable debt is scary. Every phone call is a debt collector. Every letter is an attempt to collect a debt. You can’t afford to hang out with friends at a bar or restaurant. You feel isolated and alone. You need help from a Debt Relief Valdosta attorney.

What Is Your Debt Situation?

You should talk to Charles Farrell, Esq. If you:

>Are only capable of making minimum credit card payments

>Aren’t sure quite how much you owe

>Use your credit cards to pay for necessities like food, rent, and utilities

>Debt collectors are hounding you

>Are staggered by the amount of your debt

Make A List Or Two

If “yes” was the answer to any of the above questions, then you need to know what you have and have not. Your Debt Relief Valdosta attorney will need to know what he’s dealing with. Grab pen and paper to make two lists: one of assets and one of debt. Remember to add in student loans, 401k plans, stocks and bonds, and retirement accounts. If the debt outweighs the assets, then you should file bankruptcy.

Types Of Bankruptcy

In Chapter 7 bankruptcy, your assets are sold to pay your creditors. After four months, you will be given a notice of discharge. The bankruptcy will be on your credit report for ten years. Never fear, though, because when you buy a home or a car, people find ways around bankruptcies.

Chapter 13 bankruptcy is basically a payment plan. The filer stays in his home and works to pay his debt in three to five years. Following the grace period, his remaining debt is forgiven.

Bankruptcy is scary. I’m Charles Farrell, and I stand ready to help if you’re thinking of filing. Please contact me for more information.

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