If you are burdened with debt that you cannot afford to pay, you should consider filing for bankruptcy.  Some of the most famous Americans have had to file for bankruptcy at one time in their lives because they could not afford to pay their debts.  Bankruptcy is not debt consolidation.  Debt Consolidation is not a judicial process.  Debt Consolidation is usually offered by a corporation or company and allows a person to refinance their debt, but the debt remains.  If you are considering debt consolidation you are probably unable to pay your monthly bills and/or debts.   Sadly, many people who turn to debt consolidation realize that they cannot afford to pay for their refinanced debt.

Bankruptcy is different and provides real debt relief. Through the Constitution, Congress established laws on bankruptcy.  Bankruptcy is an official judicial process that either allows a debtor to be released from debt or allows a debtor to reorganize their debts according to the debtor’s ability to pay.

Chapter 7 bankruptcy is available to individuals and also to some businesses.   An individual who files for Chapter 7 is entitled to protect certain assets which are considered exempt assets while allowing a person to receive a court discharge of their liability on their debts.   After a person receives a discharge from bankruptcy, they have a “fresh start” and are not liable for any debts that were discharged in the bankruptcy proceeding.   A Bankruptcy Discharge is a an official court document which relieves a person of any liability to pay a debt and which tells the creditor that it can never attempt to collect that debt again.   Bankruptcy can truly be a fresh start for someone burdened by debt and looking to put their finances in order.

An experienced bankruptcy attorney, like Attorney James Bardsley of the Law Office of Bardsley & Gray, will carefully review the person’s assets at the first client interview and assess which form of bankruptcy is right for that person.  If a person has un-exempted assets which cannot be protected in a Chapter 7 bankruptcy, don’t panic, there is alternative, which is Chapter 13 bankruptcy.

Chapter 13 bankruptcy allows an individual with debts below a certain limit to keep their assets while only repaying a portion of their debt.  Chapter 13 adjusts an individual’s debts so that they can repay them in whole or in part over a period of time.  Chapter 13 bankruptcy even allows an individual to catch up on over due mortgage payments and save their homes from foreclosure. After the person re-pays their debts over a three to five year period, they receive a discharge from the Court.

Bankruptcy provides debtors and their property protection from creditors and has the power of the United States Bankruptcy Court to enforce it.  Once you have filed for bankruptcy, your creditors are under a court order that they cannot harass you.

There are certain debts which are not dischargeable, such as child support and student loans. An experienced bankruptcy attorney can advise you as to whether or not you qualify for either a Chapter 7 or Chapter 13 bankruptcy.   A good bankruptcy attorney will analyze your debts, help protect your assets, and advise you as to what type of bankruptcy is right for you.  The Law Office of Bardsley & Gray has been providing exceptional Chapter 7 and Chapter 13 bankruptcy representation since 2001.  Please call us today at 1-508-985-0054 for a free consultation.