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Seeking financial relief doesn’t have to be a stressful and overwhelming process. Filing bankruptcy can provide the debtor with an instantaneous fresh start, wiping out debt in only 90 days while potentially improving their credit scores. On the other hand, alternative services such as credit counseling or debt settlement pose serious risks: costly fees may occur without guaranteed protection from creditors; any savings are required by law to be reported on taxes; your overall credit score could end up worse than it was before starting.

Understanding the differences in filing for bankruptcy

Bankruptcy can be an overwhelming concept for people and businesses alike. However, understanding the difference between Chapter 7 bankruptcy and Chapter 13 is critical in order to make informed decisions about debt relief. While a Chapter 7 filing releases individuals from financial burdens, those who feel they have manageable levels of debt but need help with restructuring may opt for a more tailored solution through a Chapter 13 filing. Businesses considering bankruptcy would instead use the powerful tools available through Chapter 11 reorganization to provide needed protection against repossession or foreclosure while also seeking forgiveness of some debts.

Qualifying for the Financial Means Test

To ensure the best possible outcome in any bankruptcy case, a comprehensive list of personal assets and debts must be created. This includes real estate, current loan balances as well legal obligations such as taxes owed within the last two years. An experienced bankruptcy attorney can help assess these items to provide insights into your financial condition and develop an effective repayment plan tailored to you.

Filing for bankruptcy is a difficult decision and should not be taken lightly. Before moving forward, individuals or businesses should exhaust all other possibilities to repair their debt so that filing Chapter 11 can potentially be avoided altogether. If you are unable to resolve your financial issues through any of these methods, then the Financial Means Test provides two options; either complete discharge of all debts or payment plan with partial settlement.

The Law Office of Christine N Failey understands that millions of Americans and American businesses have been negatively impacted financially by the COVID-19 virus. Now more than ever, if you need immediate relief from creditors, contact the Law Office of Christine N Failey and schedule a free consultation today.

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