Bankruptcy
When people reach the point where they have been overwhelmed by their debts they often file bankruptcy. Ch. 7 bankruptcy enables a debtor a "fresh start" by discharging potentially all of ones debts. Depending on the circumstance, a debtor might also be able to keep all of ones assets, including a house and/or car.
Ch. 13 bankruptcy involves the debtor paying off ones debts over the course of a payment plan. The plan can extend anywhere from 36 to 60 months. Debtors will often choose Ch. 13 when they are ineligible for Ch. 7, or want to preserve an asset that would be surrendered in a Ch. 7 (like a house or a car).
We offer free consultations to anyone who is considering filing either a 7 or a 13.