A potentially embarrassing time may arise in your life, when you have to set things back in order. This possibly red-faced time in your life is when you bottom out financially. That is, you end up having to file for bankruptcy. While it may have all the signs of something to be ashamed of, the fact is people file for bankruptcy all the time. In 2014, there were 936,795 people all over America who filed for bankruptcy. Clearly, this is more than just a couple of people here and there. If this is your situation, the first step you may want to take is to talk to a Chapter 13 or Chapter 7 bankruptcy lawyer.
The scenario where you erase all of your eligible debts (unsecured) and get a fresh start is known as a Chapter 7 bankruptcy. Things that will not be erased include alimony, child support, fraudulent debt, some forms of taxes, and student loans. However, there are some secured debts you may be able to keep such as your house, car and furniture. You must sign what is known as a reaffirmation agreement.
Chapter 7 bankruptcies can definitely give you a new start, but you must fulfill the terms of the reaffirmation agreement. This simply means you must catch up with the secured debts you intend to keep, and continue to pay on them. It may not be the easiest option to make good on, considering the financial situation in which you already find yourself. It does give you room to make good on that agreement, though.
The Law Firm of David S. Kohm has been providing legal solutions for clients in the Arlington, Texas area for over two decades. The areas of law in which this firm specializes are personal injury cases, including automobile accidents and bankruptcy. If bankruptcy is the issue for which you seek help, the firm is equipped to help you stop harassing collections and gain financial independence again. If possible, the firm would offer these services 25/7, showing dedication to your satisfaction. However, since there are only 24 hours in a day, you will have access all day and all night.
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