Financial problems can affect people for all kinds of reasons. Whether you’re dealing with the loss of a job or loved one or going through a divorce or major illness, you could be looking at a pile of debt you just can’t pay. The stress of dealing with financial trouble can be overwhelming, and sometimes, dealing with debt responsibly means starting over. At Glacier Bay Law, we help you find the best solution for your needs so that you can make a fresh financial start.
Dealing with Debt
Consumers have several options when it comes to dealing with debt, but one of the most effective ways is through bankruptcy. Filing for bankruptcy can be a complex process, but it provides debtors with formal debt relief through the court systems. There are two types of bankruptcy for most consumers: chapter 7 bankruptcy and chapter 13 bankruptcy. Glacier Bay Law can help you find the one that’s most appropriate for you and your financial situation and work closely with you as you navigate the complicated bankruptcy courts.
Chapter 7 Bankruptcy
Most consumer bankruptcies are classified as chapter 7 bankruptcies. A chapter 7 bankruptcy is a straightforward process that will liquidate some of your assets and eliminate most of your unsecured debts. You will be able to keep your exempt property, allowing you to start over once the process is complete.
Chapter 13 Bankruptcy
About a third of consumer bankruptcies are chapter 13 bankruptcies. They are also called reorganization bankruptcies and might be a better choice for you if you:
- Have debts that will not be discharged through a chapter 7 bankruptcy
- Have a co-debtor on one or more debts
- Would prefer to pay off your debts
- Are behind on your mortgage or car payments
- Want to keep some of your non-exempt property
Each bankruptcy offers specific protections and benefits for different financial situations, and there’s no universal rule about which one is best for which person. Your case needs to be evaluated carefully to determine the best type of bankruptcy for your needs. Glacier Bay Law can provide you with the legal guidance you need from filing to petition to the final discharge of debts and everything in between.
Bankruptcy can help those who are facing foreclosure, wage garnishments and other serious debt problems that are affecting their life and wellbeing. It can stop further creditor actions and harassment and provide relief from overwhelming personal debts, including medical debts, personal loans, credit card debt and more. Call Glacier Bay Law today for your free case evaluation.