If you have debts that you do not think you will be able to pay, you have a few options. There are some cases in which you will be able to refinance individual loans. However, if you need to refinance all of them or if you need to find a way to jettison your extra debt, you need bankruptcy attorneys. The law surrounding bankruptcy is divided into several different chapters, and each chapter is divided into sections. Some chapters are more well-known than others.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is also known as “wage earner’s bankruptcy”. It is often what is thought of when you refinance your loans. Since you are earning a wage, you will be able to get the help of bankruptcy attorneys in Henderson, NV. They will argue on your behalf that you need to consolidate your debt into a series of payments. They will then help you negotiate a payment plan. The plan is usually for three years or five years, depending on how much money you make in your wages.
A bankruptcy service can help you negotiate how much you need to pay. Typically, you do not have to pay the entire cost of your debts; your creditors simply want their money back and will be willing to negotiate. A great firm such as Newark & Newark can definitely help your negotiations.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is one of the most drastic types of bankruptcy. You should consult with bankruptcy attorneys before you even consider this type of bankruptcy. Chapter 7 is liquidation bankruptcy. You will sell off everything except for your exempt assets. It is more commonly used by small business owners than wage earners. They will sell off everything except for a few items from their business. They’ll use that to pay off their creditors and be free of their debt.
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