Mounting debts can feel impossible to escape at times. Missing monthly payments on loans, credit cards, and more can lead to calls from aggressive collectors demanding repayment. Interest charges start to build up on top of everything and make paying off your debts even more challenging. When it feels like there is no escape from constant hassling calls from creditors and mounting debts, it is time to take action. Bankruptcy is a tool you can use to stop creditors and wipe out or restructure your debts.
Contact your local Akron bankruptcy attorneys at Rauser and Associates Legal Clinic. Our lawyers know the ins and outs of financial law to guide you smoothly through the process of bankruptcy. Get on your way to financial freedom with the help of our trusted and knowledgeable bankruptcy attorneys. Call today.
Chapters of Consumer Bankruptcy
As an individual consumer, you will likely file in either Chapter 13 or Chapter 7. These are the most commonly filed chapters of bankruptcy.
Chapter 13 bankruptcy is best suited for those who have steady, reliable income and valuable property or assets. This chapter involves restructuring debts into manageable monthly payments. Some debts will be discharged, and you will have more options around maintaining your assets.
Chapter 7 bankruptcy is usually best for those with few assets and minimal income, as this chapter involves liquidation. While some debts will be discharged, others will be paid off through the distribution of any assets and property.
Your Rauser and Associates attorney can help determine which chapter is best suited for you and your unique financial situation. We also take your future goals into account, as filing for bankruptcy is only the first step in your financial journey. Our bankruptcy attorneys can advise on best practices for rebuilding credit after bankruptcy, and steps to take for big financial goals, such as purchasing a home.
Contact an Akron Bankruptcy Attorney Today
If you are in debt and can’t see a way out, call Rauser and Associates Legal Clinic in Akron. Our attorneys are experienced and knowledgeable in all areas of bankruptcy law, so we can guide you to the solution best suited for your unique financial situation. Call today for a consultation.
