Attorney for Credit Card Debt Relief: Filing for Bankruptcy in Delaware
The financial crisis of 2008 and the immediate aftermath left many households in some of the worse conditions seen in the United States since the Great Depression. In Delaware, not only did tens of thousands of people lose their homes to foreclosure, but many households accumulated high amounts of credit card debt.
Life-changing events, such as job loss, major illnesses, failed businesses, medical bills, divorce and other unfortunate circumstances can have a substantial effect on your income and quality of life. Some people manage to make the minimum payments and hope the situation makes a turn for the better. While things may improve for some individuals, others may have severe debt problems that require a viable solution for financial relief.Free Bankruptcy Consultations - Click Here
Discuss Your Options With a Credit Card Debt Relief Lawyer
One of the major benefits to seeking a formal debt relief strategy or filing for bankruptcy is that the process can relieve your anxiety and end issues related to creditor harassment. Not only will you rid yourself of stress and worry, but you’ll also start the process of getting your financial standing back to where you want it to be.
Different strategies include options, such as mortgage modification, a short sale of your home and a debt collection defense. Rahaim & Saints offers the following debt relief services:
- Chapter 7
- Chapter 13
- Repossession Prevention
- Foreclosure Prevention
- Debt Relief
- Filing Stages
- Bankruptcy & Child Support Arrears
- Dealing With Credit Card Debt
- Delaware Bankruptcy Means Test
- How to File Bankruptcy?
- Medical Bill Debt Relief
- Bankruptcy & Gambling Debt
- Advantages of Filing Bankruptcy
- Bankruptcy & Spousal Arrears
- Newark Bankruptcy Services
- Glasgow Bankruptcy Services
Depending on your particular circumstances, filing for bankruptcy protection may be the right solution for your case.
Filing for Bankruptcy in Delaware: What You Need to Know
Similar to other states, federal bankruptcy laws govern the bankruptcy process in Delaware. The law allows consumers to file two types of personal bankruptcy: Chapter7 and Chapter 13. Chapter 7 allows a person to walk away from most debts entirely. Chapter 13, sometimes called “reorganization,” allows the filer to draft a plan that outlines how the person will repay all or a portion of their debts over a three to five-year period. The bankruptcy judge must approve the plan.
When filing for bankruptcy in Delaware, the filer must also complete a series of steps. They must:
- Participate in credit counseling and debtor education classes
- Complete the necessary bankruptcy court forms
- File the forms in the appropriate Court
You’ll need to find an approved credit and debt counselor before proceeding. In addition, you need to know what Delaware-specific information you must include along with the filing forms, as well as exemptions allowed under Delaware bankruptcy laws. A credit card debt relief lawyer at Rahaim & Saints can also help you clarify the bankruptcy laws. We’ll help you determine whether you should pursue a debt relief strategy and work out a plan with your creditors, or if filing for bankruptcy is the best option for your situation.Free Bankruptcy Consultations - Click Here
Deciding Between Chapter 7 and Chapter 13
The Delaware bankruptcy process can be intimidating. Our experienced credit card debt attorneys can help guide you through the complicated process, provide some clarity, and explain what you should expect at each step. You must consider various factors to help you make the right choice. For example, to qualify for Chapter 7 or “liquidation,” you must meet certain requirements under the Delaware Bankruptcy Means Test.
Your attorney for credit card debt relief can also explain the role of the bankruptcy trustee, the 341 Meeting of the Creditors, and other steps involved in the process. Regardless of your financial situation, you have options that can help you obtain debt relief. Contact the attorneys at Rahaim and Saints today. We serve Wilmington, Newark and the entire state of Delaware.