If you are facing serious financial problems bankruptcy may be an option to consider. Stop collection calls, cancel debt, and get a fresh financial start. Bankruptcy can help with some financial problems, but does not guarantee you will avoid financial problems in the future. Just remember bankruptcy is more like a restart button. It does not guarantee there will be no trouble in the future. 

Debt is a personal struggle that is different for everyone. The path out is not always clear nor easy. The Grade Law Firm has offered guidance to many in finding their own path and has been the helping hand they needed.

There are a few different alternatives to charting the course out of debt: 

Chapter 7

Chapter 7 is the most common type of bankruptcy. It is also referred to as “straight bankruptcy” or liquidation bankruptcy. Chapter 7 relieves debt by gathering your resources and assets and selling them, leaving you enough to stay afloat and begin moving forward. In order to qualify for Chapter 7 you have to pass a Means Test. The Means test compares your income level to your level of debt. The test factors in Salary, Unemployment Compensations, Annuity payments and more. 

Chapter 13

Chapter 13 is an option for those who cannot pass their Means Test due to their income levels. It allows you, together with your lawyer, to set up a payment plan to gradually pay off debt. This allows you to get caught up on missed payments, pay off student loans, and keep property that would not be exempt in Chapter 7 Bankruptcy.

Let the Grande Law Firm be your source of expertise and find the best option for you.