There are many reasons people get behind on bills. No matter what caused you to get behind, you can eliminate debt.  For most people, bankruptcy is an effective tool to get a fresh start.  There are two forms of bankruptcy that apply to most consumers: Chapter 7 Bankruptcy and Chapter 13 Bankruptcy.  There are many factors that determine which type of bankruptcy is right for you.  It is important to speak with an experienced bankruptcy attorney to learn how the applies to your specific situation.

Chapter 7 Bankruptcy
Chapter 7 bankruptcy is sometimes referred to as the "clean slate" or "fresh start" bankruptcy because most unsecured debt (such as medical bills, credit card debt and utility bills) is eliminated in this type of bankruptcy. There are exceptions to the types of debt that can be eliminated in this bankruptcy. Student loans, taxes, child support and credit card debt incurred in the 90 days prior to filing bankruptcy are all exempt from a Chapter 7 bankruptcy discharge.

Generally, it will take between four and six months to complete a Chapter 7 bankruptcy. An experienced bankruptcy lawyer will ensure all the steps of a bankruptcy filing are completed accurately and in a timely fashion. This means your bankruptcy is more likely to be discharged sooner and more complete with the advice and council of a bankruptcy attorney.

Chapter 13 Bankruptcy
Chapter 13 bankruptcy is sometimes referred to as the "wage earner's plan" or "repayment plan" bankruptcy because this bankruptcy requires you to make payments on your debt. The repayments are made over a three to five year period after the bankruptcy is filed. Instead of eliminating debt as in a Chapter 7 Bankruptcy, Chapter 13 Bankruptcy uses your wages/income to repay some or all of your debt.

To ensure you receive the maximum protection afforded by a bankruptcy, you will want to hire an experienced bankruptcy lawyer.  Schedule a FREE Consultation with J.D. Graham and learn which bankruptcy is best for you.  Use the form below or call an office near you.