Bankruptcy can be the right answer for people in certain situations. Bankruptcy will stop the collection calls, lawsuits, and wage garnishments. Most importantly bankruptcy will erase the debt and if your credit is already low, it will help you increase your credit scores after you regain financial stability. In a study performed by the Federal Reserve Bank of Philadelphia, it was found that in most cases Equifax credit scores plunge in the 18 months before filing bankruptcy and then rise steadily after a bankruptcy.
Chapter 7 Bankruptcy Allows You To Erase the Following Types of Debt…
- Credit card debt
- Medical bills
- Personal loans.
- Civil judgments (except for fraud).
- Past-due rent
- Past-due utility bills
- Business debts
- Some older tax debts
Some debts, including child support and recent tax debt, can’t be erased in bankruptcy. Student loan debt can be, but it’s very rare. But if your most troublesome debt can’t be discharged, erasing other debts could give you the room you need to repay what remains.
A Better Way To Get Access To Credit Again
Those who have completed a bankruptcy are more likely to be granted new credit lines within 18 months than those who have fell 120 days or more overdue on bills but didn’t file bankruptcy. The credit limits may be lower but you will get access to credit. After 10 years, when the bankruptcy is dropped from your credit reports, you will have a chance for you credit to completely recover.
Sometimes You Just Can Pay Your Bills
Sometimes is best to know it’s an impossible situation, take your lumps, and move on. Sometimes when you get too far behind, you will never be able to repay debts and your credit scores will drop quickly anyhow. Bottom-line, if you can pay your bills, then you should. If you can’t, then you you need to explore your debt relief options. A rule of thumb is that bankruptcy may be your best option if your consumer debt equals more than half your income or if it would take you five or more years to pay off that debt even with extreme austerity measures.
What You Need To Know Before Making a Decision
- You Need an Attorney – It’s complicated paperwork and you don’t want to make mistakes because and error could get your case dismissed.
- Make a Timely Decision – Don’t deplete all your funds paying bills to keep the wolves from the door if aren’t going to be able to ultimately pay it all back. Stop digging a hole, protect was assets you can, and start the process.
Helmer Somers Law Can Help You With a Bankruptcy
You tried to do things right. You worked hard, paid your bills on time and thought you had it made. Then a catastrophic medical event, job loss, or divorce threw your financial situation into upheaval. Could bankruptcy be the solution for you? Talk to Helmer Somers Law and find out. Almost 1,000,000 people file for bankruptcy every year. It’s nothing to be ashamed of. Not looking out for your future well-being would be a shame. Let Helmer Somers Law make sure you don’t sign your rights away.
- Types of Bankruptcy – Chapter 7. Chapter 11, 12 and 13. Who knew there were so many versions of bankruptcy? All you know is you’re broke. Relax. Helmer Somers Law can help you pinpoint the bankruptcy filing that’s best for you.
- Get the Creditors Off Your back -Your bank account is drowning in red ink. Envelopes marked “final notice” are filling up your mailbox. What’s even worse is that creditors are calling you round the clock. They’re even hounding your family and friends! Make it stop, with the help of Helmer Somers Law. We’ll take care of all the legal legwork for your bankruptcy filing, so you can work on getting your life back.
- Protect What’s Precious – Your house; your car; your business. You worked hard for all these things, and now they might be taken away. Not if we have anything to say about it! If your money problems have spun out of control, contact Helmer Somers Law right away. Our bankruptcy law specialists can help you hang onto what’s important!
Contact Us (859-371-0730) for a Consultation Today
About Helmer Somers Law
Helmer Somers Law helps individuals and businesses navigate the complex system of rules that accompany all legal situations. We are licensed to practice in both Kentucky and Ohio and offers flexible, affordable payment terms for our services. We welcome the opportunity to earn your trust and become your lawyer for life! It’s a fact of life in the modern world. There comes a time for virtually every adult American when the services of a competent, dedicated lawyer are required. Circumstances such as divorce, bankruptcy, estate planning or an income tax audit demand that your rights be protected, and your long-term interests advocated for with diligence and perseverance. When you call Helmer & Somers Law, you can rest assured that they will be.