Many life events may cause you to get behind on your bills: the loss of a job, a medical emergency, or any other major unexpected expense. Bankruptcy is designed to help you get out from under the burden of debt when your bills have surpassed your financial means. If you are struggling financially, you shouldn’t continue to let your finances cause you undue stress. Christopher F. Ikerd will help you file for bankruptcy, so you can get your debts discharged and in many cases hold onto some of your assets.
Chapter 7 Bankruptcy
When you file for a Chapter 7 bankruptcy, you may be able to have some of your debts completely erased. Though you must list all of your assets when filing for Chapter 7 in order for the court to make its decision, some of those assets, such as your family home and vehicle, can be reaffirmed, meaning you hold onto those assets and agree to continue paying any debt still owed on them.
Chapter 13 Bankruptcy
Though Chapter 13 bankruptcy does not erase debt like a Chapter 7, it does have its advantages. Chapter 13 may be approved for individuals or small businesses that make too much income to qualify for a Chapter 7. When filing a Chapter 13, an individual or business can also hold onto assets that would be seized in a Chapter 7 bankruptcy. Instead of eliminating debt, Chapter 13 reorganizes debt. In a Chapter 13, the court creates a debt repayment plan to which both you and your creditors must adhere, typically allowing you to pay your debts, including second mortgages or back taxes, back with lower payments over a longer period of time.
Experienced Bankruptcy Attorney in Clearwater, Florida
Filing for bankruptcy has nothing to do with responsibility or character. When you are in over your head financially, there is almost always a good cause, and you should never hesitate to accept the legal help available to you. When you are ready to stop stressing about the money you owe that you can’t afford to pay, and to see what relief the courts can provide to you, Christopher F. Ikerd can help you determine which form of bankruptcy is the most appropriate for your specific circumstances.
If you’re stressing over finances, admitting you need help is the first step. Once you file for bankruptcy, you’ll see the relief that legal intervention into your financial situation can provide.