Discharging Your Debt

Debt is a fact of life for most people in our country, but if the amount you owe has gotten out of control, you have a right to seek relief. The Federal Government provides bankruptcy as a legal shelter for individuals and families who find themselves struggling under an oppressive burden of debt. The laws on the subject are complex, and many eligible debtors are erroneously disqualified through simple mistakes and a lack of understanding of the system. When your chance at a fresh start and a future without debt is at stake, it is advisable to retain a hard-working bankruptcy attorney for caring guidance and skilled representation.

Discharging your debt is the final goal of the bankruptcy process. As soon as your petition is approved by the court, your creditors will be legally prohibited from taking any further action to collect on the balance of your loans. The discharge in a Chapter 7 case normally occurs approximately 6 months after the initial filing, and it primarily affects unsecured debts, leaving a home mortgage or a car loan intact under most circumstances. If you file under Chapter 13, you will continue servicing your debts in a repayment plan for a period of 3 or 5 years, after which any remaining balances will be discharged.

When you complete your bankruptcy, you will suddenly have a larger percentage of your income available to pay for your daily living expenses, as well as being able to afford more of what life has to offer. You may be able to begin saving and investing in the future, and you will no longer be forced to spend your life worrying about how you will meet your loan payments. You will have a fresh start and a chance to build a strong foundation of financial security. At Tolin & Tolin, PLLC, we sincerely want to help you achieve this goal. Call us today or visit our office for a consultation and to begin work on your petition.