No one plans to fall behind in their payments, but unforeseen circumstances sometimes make it impossible to keep up. When you are no longer able to pay what you owe and the creditors start calling, you may feel overwhelmed and hopeless. Fortunately, even if you feel like there is no way out, you do have options.

About Bankruptcy

If you have fallen behind in your bills in Pennsylvania or New Jersey, filing bankruptcy can allow you to resolve your debts and get your finances back on track. Two bankruptcy options exist for individuals: Chapter 7 and Chapter 13.

Chapter 7 bankruptcy, which may also be referred to as “liquidation,” is available to filers who don’t have enough income to pay their debts, even with a payment plan. If you file this type of bankruptcy, your nonexempt property may be sold to pay as much of your debt as possible. All of your remaining debts will then be discharged by the court, and you will no longer be responsible for paying them. Attorney Howard works hard to insure that as many of your assets as possible are exempt from the Chapter 7 proceeding.

Chapter 13 bankruptcy, on the other hand, does not require you to surrender any of your property. Instead, you will repay all of your debts over time in accordance with a payment plan approved by the court.

Hiring an Attorney

If you are dealing with debts you cannot afford to pay, you need to consult an attorney who understands both financial matters and bankruptcy law. Contact, Stephen Howard, Attorney and CPA, today to discuss your needs or to schedule a consultation.

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