If you’re struggling with the decision about whether or not to put an end to financial troubles through declaring bankruptcy, it’s important not to rush into the process too hastily. While bankruptcy can be a great opportunity for those struggling to find debt relief to put an end to a difficult situation and begin moving forward, it is a decision that comes with a certain amount of willingness to make sacrifices. Too often, people expect that once a bankruptcy is approved, there’s an immediate second chance at a solid financial future. That future is possible, but it must be earned and built over time. For some, the process of recovering after a bankruptcy can take up to seven years.
When you’re seeking Debt relief and aren’t certain whether or not filing for bankruptcy is the right alternative for you, the best thing to do is to consult with a qualified attorney. The first step to achieving Midlothian Debt relief is to speak with a professional about your situation in an open and honest way, and completely address all the financial issues that may be holding you back. For some, bankruptcy is the clear solution, and the only way out. For others, alternatives like debt consolidation or taking out a home equity loan to pay off debt is a more reasonable choice with fewer long-lasting consequence.
It is also important to know, when discussing Midlothian debt relief, that not all types of bankruptcies are created equal. Chapter 7, also known as “liquidation bankruptcy”, involves the need to hire an attorney to file exemptions that protect any assets of value, such as your home, car, or business. This type of filing allows the court to settle your debt by seizing any property of value and selling it at auction. The money raised is then distributed amongst your creditors, in exchange for many of your debts being wiped clean. On the other hand, Chapter 13 is ideal for those who work full-time, but still can’t keep monthly debt under control. A trustee is appointed by the court and deals made with creditors to help pay off your debts and return you to a state of financial stability.
Visit North & Associates, P.C. for more information on debt relief.