If your bills are piling up and you see no hope of ever being able to pay them, you might be thinking about claiming bankruptcy. Bankruptcy can be a viable solution for some but it is not something you want to jump into without knowing the facts. Depending on what type of bankruptcy you claim, the process itself can take a few years and the damage to your credit can follow you for many years after that. Because there are so many questions and it is important to get the right answers, you will want to Find Bankruptcy Attorneys in Hattiesburg, MS that can help you and advise you on what you should do next.
Also, you have to keep in mind that not all types of debt can be discharged by claiming bankruptcy so you will have to consider the types of debt you have before deciding to proceed. Some, but not all, of the debt you cannot get rid of when you claim bankruptcy are:• Alimony• Child support• Student Loans• Taxes• Debts incurred as the result of fraud• Interest owed for any debt that cannot be discharged• Debts incurred as the result of you harming someone when you were driving intoxicated• Debts for any harm you deliberately caused another.
Having any of the above debts does not mean you are not a candidate for bankruptcy, it only means that they are debts you are going to have to pay, regardless of whether you choose to claim bankruptcy or not. If you have any of these types of debt you will definitely want to Find Bankruptcy Attorneys in Hattiesburg, MS and find out what your options are.
The two types of bankruptcy that are the most common are chapter 7 and chapter 13. Under chapter 7 bankruptcy, you will be required to liquidate your assets to pay your debts. You will usually be able to keep your home and vehicle and the entire process can be done in just a few months.
With a chapter 13 bankruptcy, you will make payments over a specified amount of time after which the remaining debt is wiped clean. The amount of time you will make payments is usually three to five years.
