Consumer debt is common when there is a massive accumulation of personal expenses faced by an individual. Consumer bankruptcy means the kind of personal bankruptcy filed to lessen this type of debt in any manner. Legal procedures like this take a massive toll on an individual both physically and mentally. The trauma becomes more when you do not seek the right kind of support or help. It is important to find efficient lawyers who know how to deal with bankruptcy cases. They will not only have a solution but will also relieve you from a lot of worries and tension. Before consulting a lawyer, it is important to know about the laws and how to go ahead with the law procedures. Let us see some important aspects with respect to consumer bankruptcy.
What Is Consumer Bankruptcy?
Law firms and companies handle consumer bankruptcy cases filed by married couples or individuals who are planning to start afresh without any debts in their name. It is important to get done with all the debt before onboarding a new journey. People can face issues related to foreclosure, lawsuits, and other financial problems. A financial burden can hover over anyone's head at any point of time due to a variety of reasons. An unforeseen illness, an accident, or a serious injury, a loss in the company, can all lead to major issues tending to bankruptcy. There are many laws which provide the victims a way out from creditors who wait to seize the property and belongings. When the creditors win the law case, they do not take a minute to seize all the property and levy the bank accounts. When your income stops, you are obligated to pay your creditors and eventually fall prey under bankruptcy issues.
Different Forms Of Bankruptcy
The aim of finding lawyers in this scenario is to help ease the substantial debt and find clear cut solutions for all the problems lying ahead of you. The lawyers are professionally qualified and equipped to handle such cases under two parts of the law: Chapter 7 and Chapter 13.
1. Chapter 7: This is the most common form of bankruptcy that individuals can file under. The law especially allows those who qualify the necessary steps to discharge unsecured debts, which include medical expenses, credit card bills, court judgments, deficiency balances, and personal loans. The law prevents creditors from planning a whole attack on you. This means that they will not be able to garnish your wages or place liens over your property. The law also prevents them from reaching you while the bankruptcy case is still being heard in the court of law. It is also known as liquidation bankruptcy. The entire process, right from filing the bankruptcy case to closure, will approximately take around 90 days. Chapter 7 gives you the freedom to choose a trustee who can help you pay back a portion of the whole amount of debt you owe to your creditors.
2. Chapter 13: Though both types of bankruptcy are suitable to individuals and married couples, Chapter 13 helps to include different kinds of debts. Chapter 13 is suitable if you want to restart and restructure your finances in an efficient manner. It is also a great way to recover a repossessed vehicle and reinstate your driver's license. It also helps to stop the Department of Revenue and Internal Revenue Services levy and seize the property or any other personal belonging. As soon as you file for bankruptcy, any actions from the creditor's end must be halted. Chapter 13 helps to consolidate all your debts and provides monthly plans to repay all of the money. A repayment plan is molded according to your financial conditions to help support and motivate you to pay back the debts on time.
Butcher Law Office, LLC has lawyers who can help and assist individuals in deep financial distress. The bankruptcy attorneys will help you find solutions to your problems in a convenient manner. Rather than going ahead with a mechanical approach to filing a case, it is good to have someone to talk to. The attorney will have a one-on-one discussion to understand all your financial conditions and to take you through the procedures. Clients' situation is given utmost priority as they are burdened mentally and financially. It is important to find qualified and empathetic lawyers who will understand your situation and provide you with the best solutions. They also offer a free one-hour in-office bankruptcy session where your situation will be reviewed, and a suitable plan will be crafted and discussed.
For further information, you can visit Butcher Law Office, LLC or call (541) 762-1967.
What Is Consumer Bankruptcy?
Law firms and companies handle consumer bankruptcy cases filed by married couples or individuals who are planning to start afresh without any debts in their name. It is important to get done with all the debt before onboarding a new journey. People can face issues related to foreclosure, lawsuits, and other financial problems. A financial burden can hover over anyone's head at any point of time due to a variety of reasons. An unforeseen illness, an accident, or a serious injury, a loss in the company, can all lead to major issues tending to bankruptcy. There are many laws which provide the victims a way out from creditors who wait to seize the property and belongings. When the creditors win the law case, they do not take a minute to seize all the property and levy the bank accounts. When your income stops, you are obligated to pay your creditors and eventually fall prey under bankruptcy issues.
Different Forms Of Bankruptcy
The aim of finding lawyers in this scenario is to help ease the substantial debt and find clear cut solutions for all the problems lying ahead of you. The lawyers are professionally qualified and equipped to handle such cases under two parts of the law: Chapter 7 and Chapter 13.
1. Chapter 7: This is the most common form of bankruptcy that individuals can file under. The law especially allows those who qualify the necessary steps to discharge unsecured debts, which include medical expenses, credit card bills, court judgments, deficiency balances, and personal loans. The law prevents creditors from planning a whole attack on you. This means that they will not be able to garnish your wages or place liens over your property. The law also prevents them from reaching you while the bankruptcy case is still being heard in the court of law. It is also known as liquidation bankruptcy. The entire process, right from filing the bankruptcy case to closure, will approximately take around 90 days. Chapter 7 gives you the freedom to choose a trustee who can help you pay back a portion of the whole amount of debt you owe to your creditors.
2. Chapter 13: Though both types of bankruptcy are suitable to individuals and married couples, Chapter 13 helps to include different kinds of debts. Chapter 13 is suitable if you want to restart and restructure your finances in an efficient manner. It is also a great way to recover a repossessed vehicle and reinstate your driver's license. It also helps to stop the Department of Revenue and Internal Revenue Services levy and seize the property or any other personal belonging. As soon as you file for bankruptcy, any actions from the creditor's end must be halted. Chapter 13 helps to consolidate all your debts and provides monthly plans to repay all of the money. A repayment plan is molded according to your financial conditions to help support and motivate you to pay back the debts on time.
Butcher Law Office, LLC has lawyers who can help and assist individuals in deep financial distress. The bankruptcy attorneys will help you find solutions to your problems in a convenient manner. Rather than going ahead with a mechanical approach to filing a case, it is good to have someone to talk to. The attorney will have a one-on-one discussion to understand all your financial conditions and to take you through the procedures. Clients' situation is given utmost priority as they are burdened mentally and financially. It is important to find qualified and empathetic lawyers who will understand your situation and provide you with the best solutions. They also offer a free one-hour in-office bankruptcy session where your situation will be reviewed, and a suitable plan will be crafted and discussed.
For further information, you can visit Butcher Law Office, LLC or call (541) 762-1967.
