People in New Hampshire can find themselves facing hard financial times through no fault of their own. For example, they may have been laid off from work forcing them to use credit cards for daily expenses or they may have incurred hefty medical bills following a serious illness. When a person simply cannot pay back all their debts, they may want to consider filing for bankruptcy.
Chapter 13 bankruptcy may be an option for those who believe they can pay back some of their debts or who do not want their assets to be liquidated, as they would be in a Chapter 7 bankruptcy. Through a Chapter 13 bankruptcy, a court order will be issued under which the debtor is to pay a certain amount every month to a bankruptcy trustee, who will then use those funds to pay back the debtor's creditors. The plan usually takes three to five years to complete. However, during that timeframe, creditors cannot pursue collection actions against the debtor and once the plan is complete, many of the remaining debts can be discharged.
At the Law Office of Paul A. Petrill, Esq., we believe that bankruptcy can help many people facing insurmountable debt. Bankruptcy is not a shameful thing. Instead it is an honest way to pay off creditors, so one can move forward on a fresh financial foot. It can be the lifeline a person needs to overcome their debts without becoming impoverished in the process.
There are many benefits to filing Chapter 13 bankruptcy. Through the creation of a manageable repayment plan, debtors can pay back what they owe without fear that they will have assets repossessed or foreclosed upon. Sometimes, a person just needs a helping hand in life and filing for bankruptcy may be a good tool for some people who are unable to pay their debts.