There are two forms of bankruptcy for most people: Chapter 7 or Chapter 13. Both of them have advantages and disadvantages. If someone meets the qualifications, they can legaly be rid of a large portion of their consumer debts under Chapter 7. Chapter 13 has one major differentiator. The person is still able to pay a lump sum in order to settle the debts. This is a loan one that they can manage to.
Whatever sort of bankruptcy filings that you file, it is important to get the help of an experienced bankruptcy lawyer. They can help you with making an informed decision regarding the best option for your family. An Chapter 7 bankruptcy attorney will be able to bill you for filing fees as well as legal costs even if your finances are in a slump. Many lawyers require that you pay for the expenses to be paid upfront in the form of cash or a different acceptable alternative to pay. This is a reasonable price for legal extinguishment of the remainder of the debt. If the family does not have sufficient funds, bankruptcy legal aid can aid them. zg4stbxmvz.