Dealing with debt is something no one wants to have to go through. Debt can quickly become overwhelming, leading a person to make poor financial decisions because they are under so much pressure. When a person attempts to pay down their debt by using credit cards, they only make it worse. It is important debtors weigh all of their options so they can decide if bankruptcy in Lithonia, GA will help.
Before a person makes any decisions on attempting to settle their debt, they should consider meeting with a lawyer. The lawyer can sometimes contact the debtors on behalf of a client, to help the debtor get more time to pay down their debt. If the creditors refuse to help, there is always the option of bankruptcy in Lithonia, GA. While bankruptcy is not for everyone, it can help people to overcome their debt and receive the financial freedom they are seeking.
If a person needs to settle their debt quickly and does not have secured debt, they may file for chapter 7. Chapter 7 is the fastest method of bankruptcy but it requires a person pass a financial test, called a mean’s test. If a person meets the requirements of chapter 7, they can settle their debt fairly quickly, normally in less than six months.
When a person has secured debts, they have the option of stopping all collection so they can keep their home and other financed property. The person is typically given three to five years to make payments on their debt. As long as they have caught up all their payments in arrears by the end of this period, they can be free of debt. A lawyer can help a person to determine what option will be best.
If you are dealing with more debt than you can pay, you may have the option of pursuing bankruptcy. For further information on methods of debt settlement, visit Chriscarouthers.com. With this site, you can gain the information you need so you can make a sound decision for your financial future. Call the office right away and they will be happy to schedule an appointment for you.