Has a lawsuit, crushing medical bills or a job loss made you feel like you are in an impossible financial situation? You have options! Discover them with the help of our expert legal guidance.
If you do not qualify for a Chapter 7 Bankruptcy, you may be able to file a Chapter 13 Bankruptcy. A Chapter 13 Bankruptcy is where you use your "disposable income" to pay your unsecured debts (i.e. credit cards/medical bills) for a period of 3-5 years.
"Disposable Income" means your gross income minus your everyday living expenses. For example if you have a gross income of $4,000 and living expenses of $3,900 then you would pay $100 a month towards your unsecured debts for 3-5 years. After that time period any monies that you still owe would be discharged (i.e. forgiven). In addition you may be able to strip (i.e. get rid of) second mortgages on property that you own.
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