Bankruptcy is an option available to you if you are faced with high levels of debt and you are not making enough money every month to pay that debt. Bankruptcy is a practical and responsible way of dealing with your debt. Today’s economic conditions have forced many people seek bankruptcy protection. The lawmakers in Congress understood that sometimes people face difficult financial situations. As such, Congress enacted laws that help people “start over” without the stress of dealing with burdensome debts. Filing for bankruptcy is a way to “start over.” There are several types of bankruptcy a person can file, but most individuals file under Chapter 7 (discharge) or 13 (reorganization).
A bankruptcy discharge allows people to be free from personal liability for specific debts and prohibits creditors from taking action against the debtor to collect those debts. Reorganization allows individuals to pay their obligations through affordable monthly payments over the course of a three to five year payment plan. If you are facing the possibility of bankruptcy, you must consider a number of issues and legal requirements. Choose a legal counselor who is well-versed in bankruptcy law and can properly advise you regarding your options. Contact The Law Office of Joshua W. Centeno about your bankruptcy options today.