Debt can happen to anyone and can sometimes be difficult to get out of. When a person seems to be floundering in debt, they often do all they can to overcome it, even using credit cards. Unfortunately, using credit cards to pay down debt will only get a person deeper into financial problems. It is advisable a person first contacts all of the creditors they owe to try and work out arrangements on their bills. If the creditors are unwilling to budge on offering help, the next step is visiting a bankruptcy lawyer in Villa Rica, GA. A meeting with a bankruptcy lawyer will allow a person to make the decision on whether or not bankruptcy will be an option for settling their debt.
Many bankruptcy lawyers will meet with new clients at no cost. Free consultation appointments allow a person to learn about their bankruptcy options so they can choose which one will be most beneficial. There are a couple of different types individuals can file that depend on how much debt is owed, what type of debt is owed, and how much money the person makes.
Chapter 13 bankruptcy takes the longest to settle, but it can help a person avoid foreclosure and other collection activity. This type of bankruptcy requires monthly payments to be made so the debt can slowly be paid down over a period of three to five years. As long as a person remains vigilant in paying down their debts, they will be financially free at the end of the period.
Those who do not have secured debts may benefit from chapter 7. This type can allow a person to be forgiven of their debt but may require them to have some of their assets sold. In this type of bankruptcy, debt can be settled in as little as six months. A Mean’s Test must be passed to ensure a person is eligible.
If you are in debt, it is important to work with a bankruptcy lawyer in Villa Rica, GA. For more information on the available types of bankruptcy, visit Westgaattorney.com. This site will give you the information you need to make an informed decision.