No Matter Your Level of Debt, There Is Life After Bankruptcy
Andrew Fury Esquire is a debt relief attorney. We help people obtain relief under the bankruptcy laws. We can help you to save your home or your vehicle and stop harassing phone calls from creditors.
If you cannot realistically afford to pay down your debts in a reasonable time and if you find yourself continuing to fall further behind, you may want to consider bankruptcy to protect you from the bill collection calls, repossessions, and foreclosures which may follow.
Chapter 7 bankruptcy can eliminate unsecured debts and give you a fresh start. To qualify for Chapter 7, you must meet:
- The household income test, where the level of allowable household income is scaled to the number of persons residing with you as dependent, and
- The property test, which measures the value of all your property, including household goods, investments, legal claims, debts owed to you, vehicles, and real estate.
However, for property secured loans, the loan balances are deducted from the calculation. Therefore, many people with high secured loan balances on their homes and vehicles are able to keep such property if they can afford to continue making secured loan payments. On the other hand, if your property secured loans are burdensome, you may surrender that property and owe nothing further to the creditor. This can be useful for unloading cars or homes that are more expensive to keep than they are worth.
Chapter 13 bankruptcy can significantly reduce your unsecured debts and prevent foreclosures or repossessions. For people whose income exceeds the income test, or whose property value exceeds the property limits, Chapter 13 may permit them to satisfy their unsecured debt with a partial repayment plan scaled to their household income budget.
Consumer Debt is More Common Than You May Think
Anyone one can find themselves in debt due to unforeseen circumstances, whether it be loss of job, medical illness, disability, or when interest rates spike on credit accounts and loans. It can also happen when basic household expenses creep up faster than expected.
Andrew Fury, Esquire will closely work with you to choose the bankruptcy procedure that is best for your situation.
Call us today for a FREE consultation. We can help you to start over without the headache of compounding debt.