The Facts on Bankruptcy Options For Individuals

Have your debts become burdensome and you can’t afford to make the monthly payments? You may be looking for a way out from this upside down situation. Bankruptcy offers an opportunity to escape the stress. Individuals can benefit from three major bankruptcy options. However, some people only qualify for one or two of these solutions. Let’s take a look at a few different types of bankruptcy.

1. Chapter 7

If you have relatively little income, you could banish hospital, payday loan and credit card debt under Chapter 7. It normally doesn’t eliminate mortgages or auto loans. You may need to sell certain assets if they hold considerable value. While you could rid yourself of consumer debts, you may need to liquidate your home or vehicle. 

2. Chapter 13

Many Americans choose this option because they earn too much money to qualify for Chapter 7 or they don’t want to lose expensive belongings. Under Chapter 13, courts set up affordable payment plans so that borrowers can pay off at least some of their debts. These include things like properties and vehicles.

3. Chapter 12

In 1986, the federal government created a special bankruptcy program for fishermen and farmers. It resembles Chapter 13 in several ways. However, Chapter 12 has comparatively lenient rules for borrowers. The repayment plans usually last about four years. This is a way to reorganize debt into a more manageable plan. 
If you’d like to banish oppressive debt and start a new financial life, Oklahoma Litigation Group’s experienced lawyers can help you. Having filed thousands of bankruptcies over the years, we have the knowledge to help you. We expedite this process while increasing the likelihood of success. Please contact OKLG today to discuss your bankruptcy options. Don’t wait to find out where you stand, call now. 
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