When individuals in New Hampshire and elsewhere are struggling with debt, their first thought might be that it isn’t that big of a deal, as many people carry credit card debt. The problem with debt is that if it continues to go unaddressed, it can get out of control. When debt is unmanageable, it can seem like there is little to no hope of ever getting out of the hole. However, there are real debt relief options, with filing for bankruptcy being one of them.

Exploring your bankruptcy options may seem confusing and emotional. One may be discouraged because there is often stigma surrounding this process. But one should not be shameful about taking steps to get their finances in order. The attorneys at the Law Offices of Paul Petrillo understand that bankruptcy filings can be a sensitive matter, which is why we take the time to fully explain the process to our clients.

For those seeking to file a Chapter 13 bankruptcy, our law firm helps one understand how it differentiates from other bankruptcy types and why it would be the most beneficial for an individual or family. Unlike Chapter 7, Chapter 13 does not erase debt completely by liquidating your assets. Chapter 13 is a means to educe your debts by developing a payment plan. This plan last three to five years and is based on the filer’s ability to pay after other expenses are accounted for.

Those who earn too much to file for Chapter 7, are fearful of losing assets or are in arrears with their hour or vehicle payments, a Chapter 13 may be the best option. There are many benefits for filing for a Chapter 13 bankruptcy. This includes stopping the foreclosure of a home, stopping the repossession of a vehicle, stopping wage garnishment, ending creditor harassment, helping with refinancing a car loan and striping a second mortgage.

To learn more, check out our law firm’s Chapter 13 bankruptcy website. It can be difficult to navigate financial and debt matters; therefore, it is important to have a trustworthy team on your side to guide you through this often complex and emotional time.