When a person has secured debt, it means that they have a loan that is connected to some piece of property. This property is repossessed or liquidated if the borrower can no longer pay. Bankruptcy cannot prevent this; however, Chapter 13 bankruptcy can potentially allow a person to keep their property while continuing to pay. This can let a person keep the property they want while still getting their debt problems under control. If you worry that you may lose important assets, contact a St. Charles Debt Management Attorney to learn your options.
One of the most common types of secured debt is a mortgage. The lender lends a borrower money for a home, then asserts a lien on the property. If the borrower can no longer pay, they either need to surrender the home or sell it and give the proceeds to the lender. Obviously, losing a home is not something people generally want, so Chapter 13 can potentially allow a person to stay in their home while getting current with other bills.
A debt management attorney can discuss your options, learn about the assets you wish to keep, and develop a plan based on your individual needs. This personalized attention ensures that you fully understand your options and full understand the pros and cons of each. This way, you can keep the things that are important to you while still getting the fresh start that bankruptcy offers.
If you have overwhelming debt and don’t know where to turn, you have options. By working with a debt management attorney at Westbrook Law Group, you can get the fresh start bankruptcy offers while still keeping your most important assets. To learn more about how bankruptcy can help you and your family, contact Westbrook Law Group today for a free consultation.