When you’re struggling with debt, you might not know where to turn. Financial problems can be overwhelming and stressful, and even when you’re doing everything you can to deal with them, you might still need outside help. If creditors are calling you and sending threatening letters, Watson Law can help you decide if bankruptcy is the right option for your situation.

What Is Bankruptcy?

Bankruptcy is a legal process that is used to discharge or reorganize debts. It’s most commonly used by those who are no longer able to pay their debts. Bankruptcy cases most commonly fall under federal law and claims are filed with the U.S Bankruptcy Court. While bankruptcy isn’t necessarily the right choice for every person, it can provide significant relief for those who are dealing with financial hardships and overwhelming debts.

Types of Bankruptcy

Most individuals will qualify for one of two types of bankruptcy. Chapter 7 is also called liquidation bankruptcy, If you qualify for a Chapter 7 bankruptcy, your non-exempt assets will be liquified to pay your outstanding debts, and any remaining debts will be discharged. Chapter 13 bankruptcy is also called a reorganization bankruptcy. With this type of bankruptcy, you’ll be able to pay your debts over a period of three to five years and keep your assets. If you own a business, you might be eligible for a Chapter 11 bankruptcy, which is similar to a Chapter 13 bankruptcy in that the debts are reorganized and paid.

Filing for Bankruptcy

Many people who file for bankruptcy are those facing major financial difficulties, including medical catastrophes, death, job loss and divorce, but even things such as rising interest rates and snowballing debt can be serious enough to lead to bankruptcy. The bankruptcy process can be straightforward or complex, depending on your situation, your assets and your needs. At Watson Law, we can help you decide if bankruptcy is right for you, choose the best chapter for your situation and file. We’ll be by your side throughout the hearings and other meetings until your final debt is discharged.

If you’re ready to get a fresh start on your financial future, Watson Law is here to help. Call our offices today to learn more about your options or schedule an appointment with our team for a free case evaluation.