It happens to all of us from time to time. We spend more money than we should and fall into debt. If you’re in debt and are struggling to pay your bills, bankruptcy might be the best option for you. Are creditors constantly calling? Are you simply unable to make the minimum payments on your credit card or other bills? Then it’s time to talk with The Law Offices of John E. Mufson. Our skillful attorneys have over 25 years of experience dealing with bankruptcy and can help determine if filing might be the best option for you. At The Law Offices of John E. Mufson, we offer free and confidential consultations and we’ll work with you step by step to determine the best course of action to help you eliminate your debt.
There are two options when filing for bankruptcy. Chapter 7 bankruptcy is one of the options you have. Chapter 7 bankruptcy is the liquidation form of bankruptcy and can help you get a fresh start. This type of bankruptcy forces the debtor to sell their items to pay back their debt, and the rest of the debt is eliminated. No longer will you face calls from collectors after you file for Chapter 7 bankruptcy.
Chapter 13 is the second form of bankruptcy one can file for. If you’re ineligible to file for Chapter 7 bankruptcy that doesn’t mean that Chapter 13 isn’t an option for you. In Chapter 13 bankruptcy you can receive debt relief without having to sell all of your property. Based on your debts, Chapter 13 could be a better option for you.
Many people think that if they file for bankruptcy their credit will be ruined forever. Filing for bankruptcy will remain on your credit report for ten years, but generally if you pay your bills on time you can restore your credit in about two years. You can work to improve your credit and bankruptcy won’t destroy your credit for good.
The type of bankruptcy you file for depends on the types of debts you have and also how much debt you’re in. Our attorneys at The Law Offices of John E. Mufson will work with you to determine the best route to go in filing for bankruptcy. If you find yourself simply unable to pay your bills, it’s time to talk with a bankruptcy attorney who can help you receive debt relief.