Vermont Bankruptcy Facts
Do you owe money to creditors over past due credit card bills? Were you or a loved one involved in an accident that led you to incur expensive medical bills or loans? Is your home in danger of being foreclosed? If you have been struggling with large amounts of debt in Vermont, we are here to tell you that there is a solution – bankruptcy protection.
Bankruptcy is a useful tool that can help debtors get rid of their financial burdens, but there are many details involved in the process and just one small mistake can be costly. Anyone thinking of petitioning the Vermont bankruptcy court for debt relief has the right to turn to an attorney for assistance to ensure the best possible outcome is attained.
Our site is dedicated to helping you connect with some of the best bankruptcy lawyers in Vermont who will stop at nothing until you are debt free. All of our featured legal professionals have spent years specializing in the field of U.S. Bankruptcy Law and have helped hundreds of debtors overcome their financial burdens. They are ready and waiting to offer the same expert legal counsel to you, so give them a call today and experience what it’s like to be debt free.
What Kinds of Debt Can be Discharged Through Bankruptcy Protection?
Before hiring an attorney, it is still crucial for each debtor to understand the process of filing for bankruptcy in Vermont and the requirements they must fulfill. Bankruptcy is the declaration of a debtor (individual or business) that they are unable to pay off their outstanding balance to creditors, but that balance can only be discharged if the debt is unsecured – meaning it is not backed by assets.
Below are the debts that may and may not be discharged through bankruptcy protection:
Debts that may be discharged through bankruptcy protection:
- - Credit card debt
- - Medical bill debt
- - Businesses expense debt
- - Lawsuit debt
- - Certain tax debts
Debts that cannot be discharged through bankruptcy protection:
- - Child support & alimony debt
- - Student loans
- - Debts obtained through fraud or wrongful actions
- - Debts obtained though the willful injury of another person or their property
- - Debts obtained though the willful injury of another or through personal injury accidents involving alcohol intoxication
Choosing a Chapter to File
Both consumers and businesses can file for bankruptcy, but because there are so many different kinds of chapters to choose from, obtaining the help of an experienced Vermont bankruptcy attorney is key to ensuring the best outcome for the case. However, there are two chapters in the state that are most commonly filed which you may want to learn about: Chapter 7 liquidation bankruptcy and Chapter 13 reorganization bankruptcy. Below are the details regarding each chapter to help you understand which you may qualify for or which is better for your financial needs:
Chapter 7 Bankruptcy:
- - Can be filed by both individuals and businesses
- - Most – if not all – unsecured debts are cleared
- - Debtors are given a fresh start
- - Assets are liquidated to pay off debt, but there are several exceptions, including the debtor’s home and pension accounts
- - There is no minimum amount of debt required to file
- - Petitioners can emerge from bankruptcy protection in as little as 3 months
Chapter 13 Bankruptcy:
- - Can only be filed by individuals
- - Best for debtors who have a steady income or those facing foreclosure
- - Does not require the liquidation of assets but not all debt is eliminated
- - Debtors reimburse creditors through a payment plan lasting between 3 to 5 years
- - Easier to be approved
Working with a Vermont Bankruptcy Lawyer
There are so many bankruptcy chapters to choose from aside from Chapter 7 and 13 and just one wrong move can lead you to incur more debt than you originally had. For this reason, working with a leading Vermont bankruptcy lawyer on your case can make a drastic difference in how fast you can emerge from bankruptcy protection and how much debt you can get rid of.
Vermont bankruptcy attorneys handle all aspects of your case, from reviewing your income for qualification purposes to helping you figure out a repayment plan for debtors. No matter how much you owe or why, when you have a top attorney on your side, rest assured your case will end with the best possible outcome.
Schedule a consultation with a leading bankruptcy lawyer in Vermont today to put an end to your financial struggles.