So far in 2022, our law firm has saved clients over 12 million in debt by settlement!
(Not including debt eliminated by bankruptcy filings)
If you qualify and have no assets (of significant value) a Chapter 7 bankruptcy is a very effective (some debts wiped out entirely), relatively quick (3-4 months average), and financially painless process (the only real damage being to your credit score).
Chapter 7 is often referred to as a “No Asset” case and is not terribly complex, although each case is different. The only real expense is attorney fees and court costs, so it is generally far less expensive than other alternatives.
A major hurdle for homeowners, and other secured debts like autos, is that their debts are not going to be forgiven unless they are willing to give up the house or car too. If you want to keep property attached to secured debt, generally you must pay for them.
You can seek bankruptcy protection, which is why many homeowners file a Chapter 13. In a Chapter 13 bankruptcy, a “Plan” is filed, argued, and so ordered by the judge. This Plan lays out what you are going to pay and to whom. They usually last for 3-5 years.
Want to know how much is needed and how long it takes to settle your debts? Want to know how much you could save? Use our free calculator to get an estimate.