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Often times, especially since the pandemic, as individuals or business owners, you are financially overwhelmed, even when you’re doing your best to survive in the current economy. A feeling of desperation is natural in the case of financial strain, because it truly affects all aspects of your life. Taking a step towards ending the painful financial struggle by obtaining advice on your personal situation is the right thing to do.
You may be avoiding bankruptcy because you’re afraid that your credit will be ruined, as people most often assume. Truthfully, if you cannot make your payments on time or at all, or if you owe large sums of money, your credit history is already tarnished. A common misconception about bankruptcy is that it exists to punish you in some way. The truth is that in most applicable cases, our lawyer, Randall Hanson, can actually help you obtain a second chance to have a fresh financial future.
In Chapter 7 bankruptcy, which is also known as liquidation, you can protect your assets as permitted by the Bankruptcy Code, as well as rid yourself of debt. This usually takes approximately five months. It can eliminate all of your debt, give you a chance to rebuild your credit history, and possibly even eliminate a second mortgage.
With Chapter 13 bankruptcy, which is often known as reorganization bankruptcy, you are given an opportunity to save your home from foreclosure. If you have delinquent mortgage payments or are facing foreclosure proceedings, filing under this chapter may save your home. There’s also the possibility to eliminate a second mortgage or enter into a mediation for a mortgage modification. This allows you to keep and protect your assets.