The steady accumulation of debt often leads to the need for professional bankruptcy assistance. In Honolulu, Greg Dunn, Bankruptcy Attorney has an expansive legal background focusing on bankruptcy and debt settlement. As a result, he remains a trusted resource among local clients thanks to his fierce dedication and skilled legal staff, capable of navigating even the most complex bankruptcy cases. He can also help you understand the following three key components of debt resolution.

Types Of Debt

Unsecured debt refers to debts with no associated collateral (such as loans for medical expenses, school loans, credit cards, etc.) Because there is no collateral for lenders to collect in order to repay debt, they can request wage garnishment or pass the debt to collection agencies. Conversely, secured debts are linked to some sort of collateral, such as a car or home. With secured debts, a lender may attempt to repossess your property if you continually miss payments.

What Your Attorney Needs

You must provide your attorney a number of documents in order to file for bankruptcy. You will need documentation of your current income amount, as well as any recent tax returns. In terms of property, you must show any documents related to ownership, as well as info regarding loans for these specific items. Documents linked to financial accounts in your name should also be provided.

Chapter 7 Vs. Chapter 13

When securing bankruptcy assistance, you must also determine whether Chapter 7 or Chapter 13 is the best option.  For those struggling to keep current on daily expenses, Chapter 7 is usually preferred. While this will serve to wipe out most of your debt, your credit score will be affected for up to ten years. Chapter 13 entails debt reorganization, which will allow you to make regular payments over a period of time. You may also be able to retain a large portion of your property.

Debt relief requires a solid understanding to achieve the best possible results. That’s why clients in search of bankruptcy assistance in Honolulu look to Greg Dunn, Bankruptcy Attorney, who brings to the table experience accrued while litigating on more than 12,000 bankruptcy cases. Call (808) 524-4529 to discuss your debt situation, or visit his website to learn more.