Mortgages, car payments, medical bills, and credit card payments are just a few debts that people often acquire. This does not include the necessary expenses people that need to live a comfortable life such as utility bills, groceries, and clothes. While a person may try to obtain a job that will help them pay for these expenses, there will likely be times when their monthly expenses exceed their income. This can leave the individual struggling with debt and try to find a way to repay debt collectors. When a family’s living expenses start to outweigh their monthly income, it can be very stressful for everyone in the household. A bankruptcy lawyer in Valdosta area can offer a solution to help anyone suffering from excessive debt to find financial relief.
Options Available to Eliminate Debt
When a person is facing serious financial trouble, there are two options available to help find relief from the burden. A bankruptcy lawyer in Valdosta can provide information on the two types of bankruptcy available and assist the individual in making the right decision for them. Chapter 7 bankruptcy is designed for individuals that have a low income and very little assets. Once the process is completed some of their assets are liquidated to pay a portion of their debt and provide them with a fresh start financially. While Chapter 13 bankruptcy is the process where the terms of a repayment option are negotiated between the debt collectors and attorney to obtain a lower payment. This type of bankruptcy allows the person to repay their expenses at a more affordable monthly payment.
Schedule a Consultation Today with an Attorney
If you are looking for a way to rid yourself of the debt that you have acquired, you should schedule a consultation with Charles Farrell, Jr. Attorney at Law. This skilled attorney can provide the information you require to make a well-educated decision in finding relief from your debt.
