e
e
Though there are many issues one must deal with regarding their finances, overwhelming debt can be the most difficult. Unfortunately, debt collectors will typically use all allowed methods of pursuing a debtor which means they can garnish a person’s wages, place a lien on their property, and take them to court. The frequent calls at home and even on the job, along with the threatening letters can cause a person to feel overwhelmed with stress. Those who have done all they can to get out of debt but are finding no relief may have the option of filing for bankruptcy Jonesboro GA.
While many people shy away from filing bankruptcy Jonesboro GA, this is one of the soundest options when a person needs to stop all collection activity so they do not lose their home or other property. Bankruptcy causes an automatic stay to be filed so all collection activity must stop immediately. Even those who are facing foreclosure can stop this process from being implemented so they are given time to catch up the mortgage payments that are in arrears.
There are two types of bankruptcy individuals in the United States can file. Chapter 7 is a bankruptcy type that allows a person to settle their debts in six months or less. They must meet income requirements and must be willing to submit any extraneous property to be liquidated. In many cases, a person who does not own property will have their debts absolved through a court-appointed trustee.
A person also has the option of filing for chapter 13. This type of bankruptcy is more involved and takes a longer period of time. People who file for this bankruptcy must pay payments each month to bring down their owed debt amount. Most people are given three to five years to pay off their debts and keep their primary payments current.
With the help of a bankruptcy attorney, those in debt can learn more about their options. Those who are interested in learning more about how an attorney can help with debt should visit website. This site will provide all the information a person needs so they can make the best choice for their financial issues.
Tweet us on Twitter!
