The downward slide towards financial trouble can be gradual. One credit card did not get paid one month and you have a late fee. Get behind on a second credit card and the late fee along with interest charges cancels out your payment credit. In a dire financial situation chapter 7 bankruptcy Jacksonville may be a solution.
Some things can be kept by you in one of these debt relief cases. The 13 allows you to make small payments till the debt is covered. A 7 erases whatever you owe. You will still be responsible for paying student loans, your taxes and certain judgements that were filed against you in the past.
The Chapter 13 is a way for you to pay your insurmountable debts slowly. All interest stops and you pay off the balance in one monthly payment to the court. If a court finds you incapable of meeting the required payments, you are eligible to resort to another kind. This type erases your debts. Some cannot be erased, child support payments for example.
You will speak with an attorney and he or she will direct you in what you need to gather together. Using the information on those papers, he or she will file the case in Federal court. The court charges a filing fee. You may or may not be asked to pay that fee. The debts that resulted from illegal actions or judgements for wrongful death cases cannot be eliminated.
After everything is ready, the papers will be filed. The trustee takes over and liquidates your property that is not exempt. This money resulting from the sale is divided up among your creditors. You keep your home and one car. You are rid of debt except for secured debt and judgements against you in wrongful death cases, or resulting from illegal actions.
When the paperwork is in order, there will be a hearing in Federal court. A Federal judge will rule on your qualifications to have your debts erased. After the ruling, it takes about four months for everything to be concluded and you to be debt free. This legal process gives you a fresh beginning. A chapter 7 bankruptcy Jacksonville frees you of an impossible number of bills that you could not afford to pay.
Some things can be kept by you in one of these debt relief cases. The 13 allows you to make small payments till the debt is covered. A 7 erases whatever you owe. You will still be responsible for paying student loans, your taxes and certain judgements that were filed against you in the past.
The Chapter 13 is a way for you to pay your insurmountable debts slowly. All interest stops and you pay off the balance in one monthly payment to the court. If a court finds you incapable of meeting the required payments, you are eligible to resort to another kind. This type erases your debts. Some cannot be erased, child support payments for example.
You will speak with an attorney and he or she will direct you in what you need to gather together. Using the information on those papers, he or she will file the case in Federal court. The court charges a filing fee. You may or may not be asked to pay that fee. The debts that resulted from illegal actions or judgements for wrongful death cases cannot be eliminated.
After everything is ready, the papers will be filed. The trustee takes over and liquidates your property that is not exempt. This money resulting from the sale is divided up among your creditors. You keep your home and one car. You are rid of debt except for secured debt and judgements against you in wrongful death cases, or resulting from illegal actions.
When the paperwork is in order, there will be a hearing in Federal court. A Federal judge will rule on your qualifications to have your debts erased. After the ruling, it takes about four months for everything to be concluded and you to be debt free. This legal process gives you a fresh beginning. A chapter 7 bankruptcy Jacksonville frees you of an impossible number of bills that you could not afford to pay.
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