If you do not qualify for Chapter 7 bankruptcy, you may still be eligible for Chapter 13 bankruptcy or other debt relief options. Chapter 7 bankruptcy is designed for individuals who have little or no disposable income, whereas Chapter 13 is intended for those who have a regular income but are struggling to repay their debts.
In Chapter 13 bankruptcy, you will create a repayment plan that allows you to pay off your debts over a period of three to five years. The plan is based on your income and expenses, and typically requires you to pay a portion of your debts back over the repayment period.
Another option is to explore debt settlement or debt management programs. Debt settlement involves negotiating with your creditors to settle your debts for less than what you owe, whereas debt management programs involve working with a credit counseling agency to create a repayment plan that fits your budget.
It is important to note that each of these options has its own advantages and disadvantages, and the best solution for you will depend on your individual circumstances. It is highly recommended that you consult with a qualified debt relief professional, such as a bankruptcy attorney or credit counselor, to explore all of your options and determine the best course of action for your situation.
It is important to work with a qualified bankruptcy attorney who can help you. If you are interested in filing bankruptcy please contact Hishaw Law LLC at 1.307.228.0407 if your located within the state of Wyoming or 1.704.218.9883 if you live in the Charlotte, North Carolina area or email us at jhishaw@hishawlaw.com.
