People work hard to earn an honest income to help pay for their living expenses. Some individuals will even invest their money to help improve their financial growth. While you can meticulously invest and budget your finances to ensure your family leads a comfortable life. The unexpected can occur, which can drastically impact your ability to pay your living expenses. From a family member falling ill and racking up excessive medical bills to a sudden lay-off at work, in an instant your financial status can change and make it difficult to repay your debts. Fortunately, there are options available for debt relief in Valdosta that can help provide relief from your financial burden.
Bankruptcy is the legal process one or more individual can file to remove the debt owed to creditors. There are two types of bankruptcies that you can file to help obtain debt relief in Valdosta. Chapter 7 is the type of bankruptcy where some assets can be protected from being repossessed. While other assets are sold to repay the debt owed to creditors. This type is often used in cases where the individual has a low income and very few assets to sell. The court grants the bankruptcy to relieve the debtor of their financial expenses such as medical bills or credit cards. While Chapter 13 is when your debts are consolidated to be paid back at a reasonable payment over a specific amount of time. This will allow you to save money and more importantly retain your assets.
Find Your Solution Today
If you are struggling to repay your debts, you do not have to let it be a burden. Charles Farrell Jr. Attorney at Law offers the answer you need to find financial freedom. You can learn which type of bankruptcy fits your financial situation and how it can help solve your debt problems.