What kind of debt relief is available to married couples filing for bankruptcy?

Married couples filing for bankruptcy in the District of Columbia may be eligible for various types of debt relief. One of the most common forms of relief is a Chapter 7 bankruptcy, which allows married couples to eliminate most unsecured debts. In a Chapter 7 bankruptcy, most unsecured debts, such as credit card debt, medical bills, and certain personal loans, are discharged and no longer owed. Another form of debt relief for married couples filing for bankruptcy in DC is a Chapter 13 bankruptcy. This type of bankruptcy allows married couples to reorganize their debt and establish a repayment plan that fits their current financial situation. The repayment plan in a Chapter 13 bankruptcy can help couples to lower their overall debt and make the payments more affordable. For those couples in DC that are unable to qualify for bankruptcy, debt settlement may be an option. Debt settlement involves negotiating with creditors to get them to reduce the amount the couple owes. By negotiating, the couple may be able to reach an agreement with creditors, making it easier to settle their debts. Finally, some couples may be eligible for consumer credit counseling. Credit counseling can help married couples to develop a financial plan, reduce their debt, and understand their budget. Credit counselors will work with couples to identify areas where they can reduce spending and debt, helping them get on the path to financial freedom.

Related FAQs

How can I find a qualified bankruptcy attorney?
Are there additional filing fees associated with filing for bankruptcy?
How do I know if I qualify for a repayment plan?
What is creditor reaffirmation?
Are there any special provisions for filing for bankruptcy as a business?
What is the difference between secured and unsecured creditors?
How do I obtain a copy of my credit report after filing for bankruptcy?
What debts can I discharge in bankruptcy?
How do I know if I'm eligible to file for bankruptcy?
Is there a limit to the amount of debt I can have when filing for bankruptcy?

What kind of debt relief is available to married couples filing for bankruptcy?

Related FAQs

Related Blog Posts