Sometimes things get away from us. Perhaps there are surprise medical expenses or we lose our job and don't have an income, or our income is less than it was before.
Sometimes we use our credit cards to 'finance' things while we are in this stage and before we know it, the interest charges are so high that we realize that we are never going to pay everything off.
This is when a Bankruptcy might come in handy.
Bankruptcy is not anything new, in fact it has been around since Biblical times and is written into the US Constitution (Article 1, Section 8, Clause 4). This also means that a Bankruptcy is a Federal case, even though the individual states can each have some special specific rules.
Bankruptcy gives you a chance for a 'fresh start'.
There are different chapters of the Bankruptcy code and the most widely used for individuals would be Chapter 7 (where your eligible debts are all 'wiped out') and Chapter 13 (where you make a plan to pay off at least part of each debt over a period of up to 5 years).
There are a lot of specific rules and things you need to do in order to have a successful bankruptcy, but it really can give you a way to dig yourself out of the hole of massive debt.
Please give the office a call at 757-234-4650 if you would like to have a consultation with one of our Bankruptcy attorneys.
