The average American is a little over two-thousand dollars in debt. The average business owner is a little over ten-thousand dollars in debt. This is just an average, though, there are people who are much further in debt. It can be easy to let debt get out of control. Homeowners can fall victim to several pitfalls that end up draining their savings and end up with almost everything going on credit cards. When this happens there are only a few options. Debtors can talk to a credit counseling service to try to arrange a more manageable payment plan. Refinancing is available to people with adequate credit scores. The only problem is that most debtors don’t have very good credit. When all other options have been exhausted chapter 7/13 bankruptcy might be the only option left.
Debtors who think they have no way out should talk to a bankruptcy attorney. The first step is to take the means test. This test will determine whether the applicant is eligible and which chapter they are eligible for. The attorney will walk the applicant through the application process. The initial filing process should be taken care of as quickly as possible. The longer the debtor waits, the more likely it is that a creditor will file for legal action to collect debts. The debtor will need to attend a credit counseling course and provide certification of completion as part of the initial paperwork. Once the paperwork is in, the court will make a judgment quickly in most cases.
Debtors who need information about filing bankruptcy should visit website. It’s never too soon to consider bankruptcy, but it can be easy to be too late. Debtors who are drowning in debt need to take action right away. Filing for chapter 7/13 bankruptcy is a life changing choice and shouldn’t be taken lightly. Debtors may spend the next ten years fully recovering. Talking to an attorney could be the best decision. Having the right information about what each chapter means and how to use the law as an advantage can make the recovery process much more manageable.
