Debt is something everyone deals with at some point in their lives. Although most people are able to work to pay down their debt, unexpected issues can arise. When one goes through a serious illness or injury or loses their job, they can fall further under debt, leading them to face serious penalties and repercussions. Unfortunately, bill collectors will do all they can to pursue a person for the debt they owe, even if it means taking them to court. With this information, a person can learn more about their legal options with the help of the Attorneys in Chandler AZ.
When a person meets with the Attorneys in Chandler AZ, they will be given options to settle their debt. Bankruptcy is an option that can allow a person to overcome their debt, depending on the type of debt they owe and their assets. The attorney will carefully review this information to determine the best option to offer the client. Individuals living in the United States are given two types of bankruptcy options.
Chapter 13 is primarily for those who have secured debts. This type allows a person to have their debt payments restructured for a period of three to five years, depending on how much debt they owe. Chapter 13 can allow a person to avoid foreclosure and other collection activity so their property can be spared. It is important a person makes all of their payments on time so they can avoid issues in their bankruptcy.
There is also the option of Chapter 7. This type allows a person to settle their debt in as little as six months. To be approved for this type of bankruptcy, one must meet the requirements of a Mean’s test. If one owns certain types of assets, they may be required to surrender them for payment of their debts. A trustee is placed over the case so they can assist in the process.
If you want to learn more about your legal options for settling debt, Click Here. Attorney Asheton B Call will be happy to help you through each step of the process so you can be free of your debts.