Filing for bankruptcy offers many advantages to individuals that are struggling with debts. By filing for bankruptcy, an individual can eliminate all legal obligations to repay many different kinds of debts, also known as a discharge of debts. By discharging one’s debts, a person can then start to pay bills more easily, and take the first steps toward credit recovery.
When an individual files for bankruptcy, he or she may not have all mortgages or other liens on a property eliminated. However, filing for bankruptcy can prevent a potential foreclosure or repossession of a car. Filing for bankruptcy also prevents other distressing financial issues like wage garnishment and debt collection calls. Furthermore, bankruptcy helps an individual challenge the number of debts owed to a creditor. That allows a person to fight back against creditors that commit fraud or claim a person owes more than the correct amount of debt.
How To Approach Bankruptcy
For those people that need assistance in deciding the best approach, seeking advice from an experienced bankruptcy attorney is the way to go. Christopher Mat Hittel has years of experience assisting clients with bankruptcy filings, guiding them through the process and helping them achieve financial freedom. Christopher Mat Hittel will only recommend bankruptcy if he feels it is best for his client. At times, he also urges clients to seek out debt settlement negotiations if that approach seems like a better option.
Four Types of Bankruptcy Filings
There are four different types of bankruptcy filings: Chapter 7, Chapter 11, Chapter 12, and Chapter 13. Chapter 11 bankruptcies are typically utilized by businesses or individual debtors that owe a significant amount. Chapter 12 bankruptcy is specifically for family farmers. Most people use either Chapter 7 or Chapter 13 bankruptcy when filing.
Chapter 7 bankruptcy allows a person to clear his or her debts almost immediately. Chapter 7 bankruptcy is one of the fastest ways to liquidate debts and works best for individuals with few assets. Under Chapter 7 bankruptcy, a debtor must give up property that exceeds particular exemptions. That means some of a person’s property could be sold to pay off debts. Chapter 7, bankruptcy works best for those with few assets. It offers the benefit of clearing out debt quickly, but it might not be the best approach for everybody.
Christopher Mat Hittel offers years of experience helping individuals file for Chapter 7 bankruptcy. He is well-known for his compassionate advice.
Chapter 13 bankruptcy provides an option for individuals with assets, but it is not as fast or as smooth of a solution as Chapter 7 bankruptcy. Christopher Mat Hittel can help a person create a plan for repayment of debts, or parts of the obligations. The repayment plan then must be filed in court for approval, and Christopher Mat Hittel can assist a filer with the process. The filer then has a three to five-year repayment term period in which to pay off a certain amount of debts. The court consolidates debts, lowering the amount that is paid monthly. After the three to five-year term, the remaining obligation is typically dismissed.
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