One emergency purchase, a short stay in the hospital, or income tax filing could quickly put you thousands of dollars in the hole with no feasible option to pay off the debt. Most people will do their best to pick up extra work and make some extra income in order to pay down debt before it starts to earn too much interest, but things don’t always go according to plan. Missing just a payment or two can quickly send your financial well-being spiraling out of control without any end in sight.
Filing bankruptcy is the best way, and only legal way to truly get rid of your debt. Not all debt can be discharged in Bankruptcy, but many types can be forgiven by filing for protection. Depending on your assets, income, debt type, and amount, there may be some different legal options that you will want to consider when deciding whether or not you should file.
Many people see filing bankruptcy to get rid of old debt as a bad thing, but in fact, this legal process was put in place to protect individuals from a lifetime of debt. Mistakes happen and unforeseen circumstances occur, and by filing Chapter 7 or Chapter 13 Bankruptcy, you may be able to reduce or eliminate that debt.
What if You Own a Home?
When considering which chapter of bankruptcy you should file, one very important factor is your assets. If you own a home, you will want to consult with a bankruptcy attorney who can ensure your house is protected in your filing. While real estate is typically the most important asset that our clients aim to protect, other valuable investments should also be brought up to your attorney during an initial consultation.
Our firm offers free legal consultation for individuals who are considering filing bankruptcy to eliminate old debt. The goal of this consultation is to determine which chapter makes the most sense for you, outline the costs associated with filing the bankruptcy, and give you a clear understanding of what to expect moving forward.
Speak with a Bankruptcy Attorney Today
Whether you fell behind on credit card bills after a holiday shopping extravaganza or cannot pay back taxes that you still owe, our Los Angeles bankruptcy attorney will offer you a free legal consultation. Call us today so that our Chapter 13 and Chapter 7 bankruptcy attorneys can learn more about your situation and work with you to make the best decision for filing your bankruptcy case.
