Create A Plan To Take Charge Of Your Debt
If you feel like your debt controls your life, you are not alone. People across Mississippi feel the same way, which is why many of them choose to file for bankruptcy. When your bills extend beyond your ability to pay, the fees and penalties will add up quickly. Before you know it, you are overwhelmed and see no way out. Bankruptcy can give you a chance to take control of your debt.
I am Nicholas T. Grillo, founder of the Grillo Law Firm. I am a bankruptcy lawyer committed to helping individuals and businesses in southern Mississippi find a way to manage their debt so they can move forward with their lives. Most individuals decide to file either Chapter 7 or Chapter 13 bankruptcy.
Chapter 7 – The Clean Slate
Chapter 7 bankruptcy is the most popular type of consumer bankruptcy filing. Chapter 7 is considered drastic because it wipes out nearly all of your unsecured debt, giving you a fresh start with your finances. In order to file for Chapter 7, you must:
- Qualify under the rules – You must meet certain asset and income levels in order to qualify. If you make too much money, the court may refer you to a Chapter 13 filing.
- Declare all of your assets and liabilities – The bankruptcy court will allow you to keep certain types of property in certain amounts, and the bankruptcy trustee will sell the rest of your assets to pay your creditors.
- Continue to make payments on secured loans – If you own a car with a loan or a house with a mortgage, you may keep these assets as long as you continue to make the payments on those assets.
Once the trustee pays your creditors out of the available assets, the court takes about 60 days to discharge you from bankruptcy. Your bankruptcy stays on your credit history for 10 years.
Chapter 13 – Restructured Debt To Protect Assets
Chapter 13 bankruptcy allows you to repay your debts over time, rather than liquidating your assets. People who file for this type of bankruptcy usually have a steady stream of income, but tend to have fallen behind on a secured loan, such as a home mortgage or a car loan.
If you file under Chapter 13, you would submit a proposed payment plan, which your creditors then review. If they accept the plan and the court approves it, the court will make it effective. You then make monthly payments to your bankruptcy trustee, who distributes the payments to your creditors. Creditors sometimes view Chapter 13 filings on a credit history more favorably than a Chapter 7.
No matter what your situation entails, I will go through the benefits and drawbacks of every option available to you. Together, we will create a plan to help you take charge of your financial future.
Find Out How I Can Help
When you are ready to explore your bankruptcy options, please contact me to schedule a free initial consultation. I also assist clients with Social Security Disability benefits. You may call my Hattiesburg office at 769-447-3647 or reach out to me through email.
This firm is a debt relief agency. It helps people file for bankruptcy relief under the Bankruptcy Code.