bankruptcy as a debt relief option

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Are you buried in debt? Are your creditors threatening to sue you and garnish your wages? Are you facing foreclosure on your home?

If you’re crumbling from unmanageable debt burdens, bankruptcy may be a tempting solution to eliminate your debt problems. We are not lawyers and cannot give legal advice. If considering bankruptcy you should speak with an attorney. However, based upon public research we found bankruptcy is a drastic measure and should always be taken as a last resort.

Bankruptcy allows you to:

  • Get out of debt quickly
  • Immediately stop all collections
  • Prevent wage garnishment
  • Bring a halt to legal action
  • Stop foreclosure on your home
  • Eliminate interest and penalties on tax debt
  • Find the best bankruptcy alternatives

Chapter 7 Bankruptcy

Chapter 7 bankruptcy involves discharging all qualifying debts so that you no longer have to make payments. In order to qualify for Chapter 7 bankruptcy, you must undergo a means test, during which the bankruptcy court will determine your ability to repay your debts. If you earn less than the average for your state and cannot afford to pay a minimum monthly payment, you may qualify for Chapter 7 bankruptcy.

If you do qualify for Chapter 7 bankruptcy, you will be forced to liquidate all non-exempt assets to help pay your creditors. Assets exempted from liquidation include your primary residence, tools, work equipment, vehicles, and certain items of personal property.

A discharge typically eliminates unsecured debts like credit cards, medical bills, personal loans, car accidents judgments, some tax debts, and garnishments. Non-dischargeable debts include child support, most student loans, and most tax debts.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy involves restructuring your debts and making an affordable monthly payment to a court-appointed trustee for 3-5 years. Your debts are not discharged in Chapter 13 bankruptcy. Yet the amount you pay is determined by subtracting reasonable living expenses from your income, so your payments are affordable. Chapter 13 bankruptcy may be your only bankruptcy option if you earn more than the average in your state or if you are able to pay a minimum monthly payment.

Chapter 13 bankruptcy may be a good option if you simply need to stop all collections and legal action and restructure more affordable payment arrangements. Chapter 13 bankruptcy may also be a good choice if you’ve suffered short-term financial setbacks as a result of illness, job loss, or unexpected expenses.

If you feel that Bankruptcy is your best option Accredited Debt Relief will be more than happy to help you find a local attorney in your state to receive a free BK consultation to go over all of your options.

Call Accredited Debt Relief

Every time I have called Tony if he didn’t pick up the phone immediately, he without fail returned all my calls promptly. I feel as if Tony and I have become friends and I couldn’t be any more pleased with the service he has provided me. If the rest of the service I receive from ADR is as helpful and professional as that provided by Tony then I am going to be one grateful and happy camper. I would like to thank everyone involved to this point with helping me through a tuff situation, especially Tony.
I initially contacted Brad at Accredited Debt Relief in regard to a financial hardship I sustained as a result of losing my home in the 2007 CA. Wildfires. I found Brad to be a knowledgeable and experienced credit consular that was able to assist me with my financial problems. He was able to adapt his schedule to my needs and gave me the feeling that he cared about my situation and would do anything in his power to help.
Barry S.
I wanted to take a moment to thank you for everything you have done for me. Over the past week I have had several opportunities to interact with you as we worked through what was for me a very difficult and stressful decision. It might sound simple, but in my experience it is exceptional: You, Andrew, focus on solving problems. You were able to quickly grasp the issue and proceeded to reach a resolution efficiently, while allowing me to maintain my dignity. I have found you to be professional, knowledgeable, upbeat, gracious, patient, and absolutely committed to achieving the desired result and satisfying me, the customer.
Elizabeth C.
Ted has been very helpful and understanding whenever I call him. When I’m in a panic over something he always calms me down and reassures me. He did not make me feel embarrassed or shameful over my debt situation. He is truly a great person!
Hey Andrew! Thanks again for all of your help! All of you have been very helpful & professional. I can’t say enough about how pleased I have been with your services. Thanks again!! Israel
I am really glad that I did make that call because if I hadn’t I would be worried so much about the bills and not being able to pay them, along with my health. You explained everything to me and after I talked things over with my husband I realized that this was my best option. I do appreciate your kindness and professionalism. You didn’t make me feel ashamed of needing help, you talked and listened and that made quite an impression!