Are you feeling overwhelmed with debt? If so, filing for bankruptcy may help alleviate the worry and stress you are experiencing. Bankruptcy gives an individual or business a chance to start fresh by forgiving debts that they are unable to pay while offering creditors a chance to receive some form of repayment based on the assets that are available. Some people are hesitant about filing for bankruptcy because they are embarrassed. There is no reason to be embarrassed about filing for bankruptcy. The law allows individuals to file for bankruptcy to clear away their debts. If you need a fresh start, then bankruptcy may be the best option for you. If you are in need of clearing away your debts so you can lift a burden off of your shoulders, it’s best to consult a bankruptcy attorney.
Bankruptcy Attorneys in Hiram
Bankruptcy provides individuals and businesses relief from debt. There are two different types of bankruptcy available to you. Chapter 7 bankruptcy is often referred to as the “fresh start” or liquidation form of bankruptcy. If a debtor files for Chapter 7 bankruptcy, the debtor surrenders all non-exempt assets to the Trustee so the Trustee can sell the assets. Once the assets are sold, the Trustee distributes the proceeds to the creditors, and in return, the Debtor receives a discharge of most or all unsecured debt. Chapter 13 bankruptcy is often referred to as the “debt consolidation plan.” Debtors who file for Chapter 13 bankruptcy repay their obligations in accordance with a court designed repayment plan.
Contact Our Dedicated Hiram Bankruptcy Attorneys
Bankruptcy is the best solution for many individuals who are trying to get their financial life back on track. Filing for bankruptcy can keep creditors from harassing you, help you keep your home, and allow you to have a fresh financial start. Sometimes filing for bankruptcy is the most responsible decision a debtor can make. Do not let yourself continue to drown in debt. Contact a Hiram bankruptcy attorney at Cohen Law Office, LLC today and learn about your options.