When you are going through difficult financial times, you will often feel like your life is spiraling totally out of control. Whether you realize it or not, there are legal options out there for you. It may come by way of a Bankruptcy Attorney Appleton, who can professionally advise you of all your choices as to what to do about your mounting finances.
If you considering filing for bankruptcy for yourself, there are two chapters you will have the option of doing. The first option is called a Chapter 7 bankruptcy, which involves a complete liquidation of your unsecured debts. This typically includes past due credit cards, medical bills, and payday loans just to cite a few examples. Exceptions to this include certain property you’re allowed to keep. What can’t be included in a chapter 7 is student loans and debts to the IRS.
Another option to consider with your Bankruptcy Attorney is a Chapter 13 bankruptcy in Appleton. What this entails is most of your debts being consolidated into one payment. This is then paid through the Chapter 13 Trustee each month, with a money order or a cashier’s check. In this type of bankruptcy a person’s car or house can be saved from being repossessed or foreclosed upon. Most plans last from three to five years. If you owe on a student loan, it’s typically put in a deferment status until the bankruptcy is discharged.
There will be attorney fees that you will be required to pay. If you are unable to pay the entire fee in full the first visit, they will usually work out a convenient payment arrangement for you. After all the reason why you’re in this mess in the first place is due to a lack of money. There will be a filing fee that is paid to the trustee court as well. They can normally work out some kind of monthly arrangement with you too if you don’t have that upfront fee either. This happens to millions of people. Things happen in life that are beyond our control. This is one way of permanently getting it back and the legal way at that.