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Debt Relief Options Bankruptcy

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.

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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.

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