Bankruptcy doesn’t need to be a scary term. This legal process can actually help you re-organize your debt and develop a plan for repayment that works for you.
If you are wondering how bankruptcies work, there are two main types to consider. Chapter 7 bankruptcy is the more common form. With this type of process, your nonexempt assets are used to pay back your lenders. Meanwhile, Chapter 13 bankruptcy gives you a 3 to 5-year repayment plan.
With the right guidance, going through this process can actually reduce your financial strain. But you have to take the right steps and make informed decisions along the way. Fortunately, a bankruptcy attorney can walk you through this process so that you can get back on your feet.
You can get in touch with affordable bankruptcy lawyers online to see if this is the right decision for you, and to find out the first steps to take.