There are over 18 million veterans in the country. At times they experience difficult financial times, just as others do. Many people who struggle financially turn to bankruptcy to try and get a fresh start. In fact, the US Courts reports that during the 12-year period of 2005-2017, there were nearly 13 million people who filed for bankruptcy. For many people who are struggling to pay their bills, bankruptcy is an option worth exploring.
Many people feel that bankruptcy is a way out of debt, and for millions of people it is. The government allows people to file for bankruptcy so that they get a fresh start and can contribute to society again. Those who get caught up owing on bills they cannot pay may withdraw, become depressed, and not contribute like they once did. In other words, not having the money to pay their bills may lead to them feeling hopeless. Bankruptcy is a way for people to have their hope restored again. There is bankruptcy assistance for veterans, which will help those who need help getting out of the financial hole they are in.
What is Bankruptcy?
Many people are familiar with how bankruptcy law used to be, which is that you filed and simply walked away from most of your debt. The process was fairly simple. In fact, it was so simple that some people would re-file for bankruptcy every so many years, continuing to have their debt erased, only to start the process of collecting it over again. Then the government changed the laws, so that it wasn’t easy for people to do that anymore.
Now, you can file for two types of bankruptcy. The two types of bankruptcy are called Chapter 7 and Chapter 13. The first one involves you giving back things that you owe on, so that you no longer have to pay on them. This would include things like a car. With this process, your will help to lower your monthly bills right away. The other kind of bankruptcy allows you to keep the things that you still owe money on, but it makes it easier for you to make the payments. With this type of arrangement, your monthly debt payments will be lowered to something you can afford, and the lender won’t be able to take the item back from you during the time you are paying on it.
Types of Bankruptcy Assistance for Veterans
Attorneys – Most people who file for bankruptcy need the assistance of an attorney. They can guide you through the process, answer your questions, and help you file for bankruptcy. However, it can also be costly to work with an attorney. If you want the assistance of an attorney and don’t have the funds to pay for one you still have some options. In your state you should have a state bar and a legal aid center. The first one can help you locate any pro bono (free) attorneys near you, while the latter one will provide you with free legal advice.
America’s Debt Help Organization – When considering bankruptcy it is a good idea to also look at other debt relief options. This organization will help you do just that. They offer online tools that will help determine if it’s the best option for you. The will also give you additional information to consider. To apply, click here.
Legal Zoom – It is possible to file for bankruptcy on your own or to get minimal assistance from professionals who can guide you. Legal Zoom offers affordable online assistance to help you evaluate the options, and help guide you through the case, and even help you find a law firm to work with for the process. To apply, click here.
Struggling each month to pay the bills is no fun and it can be quite stressful. Those who are in that situation may have no other option but to turn to bankruptcy so they get out from under the financial rock. The good news is that there is bankruptcy assistance for veterans, and by obtaining it you can determine if it’s the right choice for your situation. You can also get your questions answered and begin the process if you feel that is the best route for you to take.