Manchester Bankruptcy Attorney Serving New Hampshire
If you are struggling to make ends meet, it might be time to file for consumer bankruptcy. When you can no longer pay your bills and the debt keeps mounting, it’s time to meet with a bankruptcy attorney that can talk with you about your options. You don’t have to live under a pile of debt, working tirelessly without an end in sight. If you are dealing with calls from creditors on a daily basis and you are ready to make a change, it’s time to call McGohey Law, LLC and come up with a plan.
There are two types of bankruptcy you can file, a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. While it is possible to try and negotiate with creditors in an effort to avoid a bankruptcy filing, this is not always an option for people that owe too much money. You can also try and work with a credit counseling service to pay a set amount every month, but it’s important to understand that these agencies will downplay filing for bankruptcy because they are funded primarily by the credit card companies themselves.
Chapter 7 Bankruptcy
To file either type of bankruptcy, you must meet the qualifications to do so. In a Chapter 7 bankruptcy, your creditors will receive nothing once your bankruptcy is complete. This is a straight bankruptcy, and all unsecured debt is wiped out as part of the bankruptcy proceedings. Certain money that you owe, such as back income taxes and student loans do not get wiped out by a bankruptcy filing. It is important to understand what debt will be taken care of in a bankruptcy, and what debt will still remain.
Chapter 13 Bankruptcy
If you file a Chapter 13 bankruptcy, this is more of a restructuring of the debt you currently owe. While some of your debt may still be wiped from your credit record, you will be expected to pay back more if you file a Chapter 13 bankruptcy vs. a Chapter 7 bankruptcy.
If you live in New Hampshire, and you need relief from the mounting debt you are trying to pay, it’s time to call McGohey Law, PLLC to discuss what you can do to get out of debt today. Your financial future depends on getting your debt under control in the present, and filing for a personal bankruptcy just might be the best decision you have made in a long time.