Do you feel like you’re drowning in debt? Are you struggling to make ends meet? If so, you’re not alone. Millions of Americans are struggling with financial problems. But there is hope. Filing for bankruptcy can give you a fresh start and help you get your life back on track.
At Pelican Law, we specialize in helping our clients solve their financial problems through Chapter 7 and 13 bankruptcy. No case is too messy for us to handle. We will work with you to come up with a plan that fits your unique situation. We understand that financial problems can be overwhelming, but we are here to help you get back to living your life.
The first step in getting your life back on track is to understand what bankruptcy is and how it can help you. Bankruptcy is a legal process that allows people to discharge their debts and get a fresh start. There are two types of bankruptcy that people typically file for: Chapter 7 and Chapter 13.
Chapter 7 bankruptcy is also known as “liquidation” or “straight” bankruptcy. It is the most common type of bankruptcy filed in the United States. Under Chapter 7, your assets are sold and the proceeds are used to pay off your debts. After your debts are paid off, you are released from your obligations and can start fresh.
Chapter 13 bankruptcy is also known as “reorganization” bankruptcy. It is less common than Chapter 7, but it may be a better option for some people. Under Chapter 13, you propose a repayment plan to the court. The repayment plan lasts for three to five years and includes part of your disposable income. At the end of the repayment period, any remaining balances on qualifying debts are discharged.
Both Chapter 7 and Chapter 13 have benefits and drawbacks, so it’s important to talk to an experienced bankruptcy attorney to determine which type of bankruptcy is right for you.
Filing for bankruptcy can be a difficult decision, but it may be the right choice for you if you’re struggling with financial problems. At Pelican Law, we specialize in helping our clients through Chapter 7 and 13 bankruptcy. No case is too messy for us to handle. We will work with you to come up with a plan that fits your unique situation. Contact us today to learn more about how we can help you get your life back on track.