Glasgow Bankruptcy Attorney

You don’t have to be an out-of-control spender to find yourself facing overwhelming debt. In fact, the majority of bankruptcy cases occur due to a sudden and prolonged loss of employment rather than financial irresponsibility. Bankruptcy, although not pleasant, is not something to fear or be ashamed of. Let the expert Glasgow bankruptcy attorney here at Rahaim & Saints help you navigate this confusing time and come out stronger on the other side.

Chapter 7 Bankruptcy in Glasgow

Chapter 7 bankruptcy is the type of bankruptcy most people think of when the word is mentioned. Sometimes called “Liquidation Bankruptcy,” this type of legal action serves to discharge your debt by liquidating your assets, paying off as many creditors as possible, and having the balance forgiven. Certain assets, such as your home and vehicle, are usually exempt from liquidation and may be kept as long as you continue making payments.

Although common, Chapter 7 bankruptcy is by no means simple. You will need a skillful, experienced Chapter 7 bankruptcy Glasgow attorney to represent you. Your attorney can help you understand which debts will be eliminated when you file for bankruptcy in Glasgow, as well as which assets you will likely be entitled to keep. At Rahaim & Saints, we’ll answer all of your questions and work diligently to make the outcome of your case as favorable as possible.

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Chapter 13 Bankruptcy in Glasgow

Chapter 13 bankruptcy is different from Chapter 7 in that it does not immediately discharge debts. Rather, your chapter 13 bankruptcy Glasgow attorney will work with your creditors on your behalf to arrange an appropriate and acceptable repayment plan of your debts, based on your income and means, over the course of one to five years. After this time period has expired, and you have kept up with your agreed-upon payments, the remaining debt balance is permanently discharged.

You can look at Chapter 13 bankruptcy as a type of legal debt consolidation plan. Rather than trying to make many payments to several different creditors, you now have only one payment to make. Furthermore, unlike Chapter 7 bankruptcy, you will not be required to liquidate any assets. This is especially important if you are facing foreclosure on your home — once you file Chapter 13, your home is protected as part of the action.

Bankruptcy Lawyer in Glasgow, Delaware

While filing for bankruptcy can be the most financially responsible decision you can make, sometimes there are better options. Your bankruptcy and Glasgow foreclosure prevention lawyer will speak with you about your unique situation in order to analyze all of the options available to you, and then make a recommendation about the best course of action. At Rahaim & Saints, your bankruptcy consultation is free and can positively change your life. Call today and discover your options for debt relief and financial freedom.