It can be nearly impossible to go through adult life without accumulating debt. While you may have been able to manage and pay off what you owed at first, you may now be in a different set of financial circumstances that leave you perpetually short of making payments on time. You may even be unable to make any payments at all on your accounts.
Rather than have your income garnished and your assets seized, you may want to find out how you can resolve your debts in a legal and permanent manner. When you hire a bankruptcy lawyer in St. Petersburg, FL, you can find out what your legal options are for settling or dissolving what you owe now.
Filing a Chapter 7 Bankruptcy
By consulting with a bankruptcy lawyer in St. Petersburg, FL, you may find out that your best option might be to file a Chapter 7 bankruptcy. This chapter essentially liquidates most or all of your debts. However, it cannot get rid of debts like back taxes, child support, and civil judgments.
Accounts like credit cards, medical expenses, and defaulted bank loans can be typically wiped out or liquidated in this chapter filing. It also stops all collection activities and liens on your assets.
Chapter 13 Bankruptcy
You also have the option of filing a Chapter 13 bankruptcy, which consolidates all of your debts into a lump sum. You then make payments through the federal court to pay off this amount each month. The payment is based on your current income and value of your assets.
You may have up to six years to pay off your Chapter 13 bankruptcy. You can consolidate debts like student loans into this filing as well.
Know that there are legal options available out there to help you settle your bankruptcy.
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