Getting out of debt with bankruptcy can be a very smart move when you know you have gotten in over your head. With a Bankruptcy Lawyer in Burlington VT, you can get the help you need to recover financially and move on from your mistakes. You may wonder how it would work, or if it is really the right solution, but there are several questions you can ask your lawyer to find out.
You first have to decide how much debt you truly have. You may have been afraid to do so in the past because of the realization, but finding out can only help you in the long run. If you know you are at risk for foreclosure and repossession, then you should consider filing. You will have a few options available to you that can be viable options.
When you decide to file there are many papers that will need to be filed, and that is why a Bankruptcy Lawyer in Burlington VT will need to help. They will know all the papers that will need to be filed with the courts and the collection agencies so you can get on with the process the right way. They will also understand which chapter will be right for you, as there are two chapters that people are able to file for.
The decision of the chapter to file for will be dependent upon the amount of debt you have, as well as how much money you are bringing in. If you haven’t been able to pay any of your bills for quite some time, then Chapter 10 may be the right answer for you. With this chapter you will be able to file and rid yourself of all debt. You will likely need to sell the property you have loans upon, then you will be able to pay the collectors that amount and have debt no longer. This may be a big relief when you know that you would likely never be able to pay it off in the future.
Chapter 7 is more common for people that will be able to pay their debt off eventually. They will set up payment plans with the collectors, and then you’ll be able to keep your home and belongings. You will also get rid of garnishment of wages. A Bankruptcy Lawyer in Burlington VT may be able to decide what will be right for you, so you can finally move on.
