The society we will live in has unfortunately stigmatized bankruptcy to associate it with failure and embarrassment. However, practically speaking bankruptcy is an effective tool which may be utilized to save people from bank foreclosure and consequently, the loss of their home.
The fact is that the economy currently is not where it should be and even hardworking, responsible Americans often find themselves unable to keep up with their loan or mortgage payments. Unforeseen events like medical emergencies, accidents, loss of job, etc. can also result in people suddenly finding themselves in a personal financial crisis.
With high taxes and health care laws which stifle job growth, it is not smooth sailing anymore. Many Americans have found themselves jammed up in a financial mess.
The problem is that most people who are faced with foreclosure or are being intimidated/threatened by their creditors are oblivious to the fact that they have some legal options at their disposal. This is why we concocted this website. We wanted to even the playing field which we have achieved in doing with USAttorneys.com. Don’t get blasted away by these people, you have rights and help is just a few keystrokes away.
Filing for bankruptcy is one of the most effective ways to deal with foreclosure. There are several different types of bank foreclosure, below are some of the most common types of bankruptcies that people file for:
- Chapter 7 bankruptcy
- Chapter 13 bankruptcy
- Chapter 12 bankruptcy
- Chapter 11 bankruptcy
Chapter 7 bankruptcy – how it can help you
Chapter 7 bankruptcy is also commonly known as a fresh start bankruptcy because that is exactly what it offers. Those who qualify for Chapter 7 bankruptcy and succeed in filing for it and acquiring it will essentially have their loans discarded completely. Credit card debts, medical bills, personal loans, delinquent utility bills, prior tax debt and deficiencies, etc. are all the kinds of loans which may be voided via a Chapter 7 bankruptcy.
As per Hawaii legislation, there are some other types of debts and loans which cannot be liquidated through a Chapter 7 bankruptcy and these will still have to be paid back in full by the borrower. To find out which debts you can have discarded and which ones you will have to pay when you file for Chapter 7 bankruptcy, we urge you to talk to a legal counselor.
Chapter 13 bankruptcy – for those who can’t get Chapter 7
While Chapter 7 seems like the ideal type of bankruptcy provided that it will clear you of most if not all of your loans, not everyone is granted Chapter 7 bankruptcy. Individuals who have a high income and are yet unable to pay off their debts will generally not be eligible for Chapter 7 bankruptcy.
For such folks, Chapter 13 bankruptcy is the next best bet. Chapter 13 bankruptcy is basically a restructuring of your loan and the pay back schedule in order to make it easier for the borrower to pay it off.
Let’s sign on the dotted line!
Are you overwhelmed with bills and debts? A Hawaii bankruptcy lawyer can help you get a fresh start with a clean slate! At USAttorneys.com, you can find yourself fantastic and amazing legal pros by simply using the interactive map or the local lawyers’ directory on the home page.
Both these tools will provide you with the contact details of legal representatives on your island or in your area who you can call immediately. It’s that simple. What are you waiting for? You are just a few clicks and key strokes away from financial relief!
Should you need further assistance don’t hesitate to knock out the quick contact form with a few details and we will call you back. You can also send us your information using the live chat form so we can call you back and help you find the legal pro you need.
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