Spring Legal Group – Bankruptcy Law
The average American household is facing more than $15,000 in credit card debt. Households with any debts owe nearly $135,000 altogether as of 2016. Two out of 10 of us are dealing with overwhelming amounts of financial stress, according to the American Psychological Association. If you are currently facing excessive debt and running out of options for managing it, Spring Legal Group can help.
Debt Management Solutions
When it comes to debt management, there are nearly as many solutions as there are types of debt. Many people work to pay down their debts responsibly, and this works well if you have sufficient resources to manage it. Unfortunately, it doesn’t take much for debt to become unmanageable: a lost job, an unexpected expense, a medical crisis or a late payment. Fees, soaring interest rates and other costs add up quickly, and soon, you have creditors beating your door down. You might feel like you’re alone or out of options, but you are not. Spring Legal Group can help.
When you are no longer able to manage your debts on your own, you have the legal right to file for bankruptcy protection through the courts. Filing for bankruptcy protection can be a complex process, but it enables you to either liquidate your assets and repay or restructure your debts. With bankruptcy, you can achieve financial freedom.
Most individuals will qualify for either Chapter 7 or Chapter 13 bankruptcy. Chapter 7 bankruptcy is often called liquidation. With this type of bankruptcy, any non-exempt assets are used to pay debts. The remaining debts are typically discharged. A Chapter 13 bankruptcy is a reorganization bankruptcy. With this type of bankruptcy, your debts are restructured, and you will have a period of typically 3 to 5 years to pay them off. Debts that remain after that period may be eligible for discharge.
About Spring Legal Group
Bankruptcy can give anyone dealing with overwhelming debt an opportunity to start over. It can be a good option for people who are facing foreclosure, medical debts, lost jobs and other major financial disasters. However, it can be a complex process. At Spring Legal Group, we understand what you are going through, and we can help make the process easier for you. We can help you make a fresh financial start with personalized solutions that fit your budget and your life. Contact us today for a free case evaluation.