In recent years, the recession has stressed the financial condition of consumers of all economic backgrounds, when jobs have disappeared, businesses have gone under and bills have gone unpaid. Those looking for debt relief in the past five years have had plenty of company. For some, the hard times are not yet over.
If you are struggling with debt, especially unsecured credit card or healthcare debt, you may be considering filing for bankruptcy. Bankruptcy is a legal process governed by federal law that allows individuals and businesses to obtain a fresh financial start by discharging or reorganizing debt.
Two common forms of bankruptcy for consumers are Chapter 7 bankruptcy and Chapter 13 bankruptcy, which are named for their respective chapters in the United States Bankruptcy Code.
If you have little property, substantial debt and no stable means of paying off your debt, you may be eligible to file for Chapter 7 bankruptcy. Features of this type of bankruptcy petition include:
If your bills are stacking up and you know you cannot pay, bankruptcy may be an option for you. If you are thinking about debt relief in Jacksonville, Florida, speak with an experienced bankruptcy attorney.
Attorney Shane Herbert also contributed to this blog post.