Park City Bankruptcy Attorney David Siegel Touts Chapter 13

People wonder why people are struggling financially in this country states Park City bankruptcy attorney.  The truth is, there is a lot of overspending that goes on with credit cards.  Additionally, there are a lot of people that are not insured medically and they wind up having some type of catastrophe which causes them to incur extreme medical debt.  When you combine extreme medical debt with overspending on the credit cards, you can see how someone could be overwhelmed in debt in a matter of months or years. 

The best advice that I could give is to meet with a qualified bankruptcy attorney to discuss your personal situation.  Most attorneys are offering a free initial consultation to see if you could be helped.  Not everybody would qualify for Chapter 7.  There are some people who have significant income and/or assets in which Chapter 13 is going to be the best Chapter of choice. 

A Chapter 13 allows for the repayment of all or a portion of the debt over a 3 to 5 year period.  The amount that you pay in a Chapter 13 is dictated by your income, your expenses, your assets and your liabilities.  Not every Chapter 7 bankruptcy attorney can handle a Chapter 13 bankruptcy.  There are many attorneys who will only file Chapter 7 bankruptcy cases and will refer out Chapter 13 bankruptcy cases to attorneys who are more qualified in that area.  Chapter 13 is a 3 to 5 year payment plan so it is a very long, complex, difficult case for both attorneys and clients alike.  Chapter 7 is a more simplistic case which lasts approximately 110 days from start to finish, if everything goes smoothly.