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For those struggling to pay off a mountain of debt, bankruptcy may be a sensible solution. Bankruptcy is legal process that allows consumers to wipe out some amount of unsecured debt or enter a repayment plan with better payment terms. It also puts an end to debt collection calls, debt lawsuits and wage garnishment.
The two types of consumer bankruptcy are Chapter 7 and Chapter 13. The third type, Chapter 11, is used by businesses to restructure as a means of managing debt.
- Chapter 7 bankruptcy is the fastest and most common form of bankruptcy. Chapter 7 wipes out unsecured debt, such as medical bills, credit card debt and personal loans. To qualify, you must pass a means test, as well as meet other requirements.
- Chapter 13 bankruptcy restructures debts into a payment plan over three to five years and is the best option for those with assets they want to retain or have a secured debt, such as a mortgage. To be eligible, you must have regular income, be current on tax filings and meet other criteria.
If you think bankruptcy may be the best option for you to take control of your debt, it’s important to work with a law firm that is experienced and has a proven track record in bankruptcy legal services.
As the largest and oldest law firm in Schuylkill County, Williamson Friedberg & Jones has decades of experience helping clients with bankruptcy claims.
Contact us to learn more about how we can help you make the best decision for getting your debt under control.