In the last 20 years, outside of the recessions in 2001 and 2008 – 2009, the levels of consumer debt have risen consistently. With the average amount owed per citizen approximately $12,500 and the consumer debt total, not including mortgages, reaching the $4 trillion mark it is no surprise that many Americans spend most, if not all, of their adult life under the weight of debt. When combined with unexpected emergencies and other life events 20% of individuals lose financial control. There are solutions and if you are carrying the burden crushing debt Guidestone Law Group can assist you.
Guidestone Law Group – Bankruptcy Law
Overwhelming Debt Support
Retaking control of your finances may feel impossible but there are laws in place to provide relief and a fresh start no matter what led to your current debt situation. Many people find themselves, because of a wide range of circumstances, in need of support to relieve their debt. When you get behind on your payment’s creditors begin to call, making life more stressful and it can be difficult to know the right path forward. One option open to you is Bankruptcy and Guidestone Law Group can take you through the process.
Bankruptcy Relief
There are two common forms of debt relief provided for under the US bankruptcy code that are applicable to individual consumer debt. As with any legal process it can be complex and is best handled by experienced bankruptcy lawyers who will protect your rights in a Chapter 7 or Chapter 13 application.
In a Chapter 7 bankruptcy all your assets which are not exempt from the process will be sold by a bankruptcy trustee. The resulting funds will be used to make payments to your creditors and any remaining amount owed that can not be paid by the sale of assets will be wiped out or “discharged” by the court.
In a Chapter 13 bankruptcy we will propose a plan to your creditors which restructures the payments to make their repayment manageable for you over a period of 3 to 5 years. During this time creditors will not be allowed to take other collection efforts against you and at the end of the plan it could be possible for any remaining debt to be eligible for discharge.
About Guidestone Law Group
If you are facing overwhelming debt from the loss of a job, medical expenses, loans and credit cards or almost any other form of debt you are not alone. All these situations are common and the team at Guidestone Law Group has experience helping our clients get debt relief through bankruptcy regardless of the circumstances that lead to their current debt problems. We will work with you, starting with our fee no obligation case evaluation, and then through the entire bankruptcy process to reset your financial life and relieve your debt hardship.