Circumstances in life can prevent you from paying off your debts in a timely manner. When you get behind on certain bills, you face collective actions, like wage garnishments or asset seizures. You could find yourself with little income to live on throughout the month.
Rather than live with such financial difficulties, you could get your debts resolved by filing for bankruptcy. You can learn more about this choice by consulting with a Chapter 13 bankruptcy attorney in Bristol, TN today.
Consolidating Your Debts
When you file for this type of bankruptcy, you essentially consolidate all of your debts into a single amount. The court then sets you up on a monthly payment plan based on how much you owe, as well as how much money you earn each month.
You make payments on this amount each month for six years. After the end of the six years, the court discharges the remainder of your debt.
As your lawyer will tell you, certain types of debts cannot be discharged with bankruptcy. You will still owe debts like defaulted taxes, student loans, and child or spousal support. However, these creditors cannot take action against you during the time that your bankruptcy is open and in the court system.
You can set up an appointment with a Chapter 13 bankruptcy attorney in Bristol, TN online. Go to Deangreer.com to schedule an initial consultation today.
