Bankruptcy is often viewed as a scary, reputation shattering decision, but in reality declaring bankruptcy is a resolution to many American’s problems. Declaring bankruptcy allows for a fresh start and a clean slate.
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While it might not seem like it, filing for Chapter 7 bankruptcy is the first step to building your credit back up after burying yourself in debt. The process is not easy and it will take some time, but it is the best option if you have exhausted all other options and your debt still remains.
Under Chapter 7 bankruptcy, liquidation is the way of getting out of debt. Individuals with a regular income who are struggling with debt file under Chapter 13.
Chapter 13 bankruptcy is often called “wage earners” bankruptcy. This type of bankruptcy is great for someone who is behind on house or car payments as it sets up a type of “payment plan” for you.
When you file for Chapter 13 bankruptcy, you are given the opportunity to restructure your debts and repay them over a period of 3-5 years via a payment plan, or the Chapter 13 plan. Chapter 13 is often looked to as a reorganization of finances – it is not a liquidation of your assets.
This past weekend, David accompanied his daughter, Baylee Clark, as she was presented in the University of Alabama’s Homecoming Court for 2018. Always the proud father, David’s outstanding integrity and loyalty to his family are obvious in the way he handles himself and his business.