Bankruptcy, Debt & Credit Issue Attorneys
Bankruptcy is a serious issue that can affect anyone. We all have financial responsibilities that we need to take care of on a daily basis. Job loss can have far-reaching circumstances, making it hard for you to pay off any debt you may have.
When left to continue long enough, unemployment can lead to a situation where you’re not able to repay your debt within the specification of your contracts.
In such cases, the best thing to do may be to declare bankruptcy, and 1-800-ATTORNEY can help you do so.
How Bankruptcy Can Help
Bankruptcy allows you to eliminate or pay off some of your debts. You can do so under two options according to the federal government: liquidation or reorganization.
Liquidation refers to the sale of any assets in order to pay off remaining debt. In these cases, debt collection agencies may seize items and sell them in order to recover what you owed the bank or any other financial institution.
In the case of reorganization, you are required to disclose your assets and income after which you’ll be given a chance to pay off your debt via a repayment plan that can last anywhere between 3 to 5 years.
It’s important to note that bankruptcy may not apply when it comes to certain types of debts. This includes student loans, child support payments and tax payments. In order to fully understand what does and doesn’t apply when it comes to bankruptcy, please speak to a qualified and experienced bankruptcy lawyer as soon as possible by calling 1-800-ATTORNEY.
There are a few types of bankruptcies you can file for:
- Chapter 7
- Chapter 11
- Chapter 12
- Chapter 13
We may even be able to help with:
- Business Bankruptcy
- Creditor Harassment
- Consumer Protection
- Emergency Bankruptcy Filings
- Debt Settlement
Filing for Chapter 7 Bankruptcy
Chapter 7 bankruptcy is unique given the circumstances that those who file for it find themselves in. This type of filing allows your trustee to cancel most, if not all your debts. You might also be required to liquidate some of your property in order to pay your creditors.
In 2005, the government passed a new law which regulated chapter 7 bankruptcy. If you’ve filed for bankruptcy in the last 7 years, you may not be able to file for a chapter 7. At the same time, you may be required to attend credit counseling at one of the agencies approved by the United States Trustee.
Once you file a chapter 7, an order of relief comes into effect. This means that most creditors may not be able to harass you or collect what you owe them.
Chapter 13
Chapter 13 on the other hand can be filed by anyone who would like to pay off their debt over a certain amount of time. In other words, chapter 13 is a repayment form of bankruptcy.
If you filed for a chapter 7 but did not qualify after taking the “means test,” you may file for a chapter 13 bankruptcy. This type of filing gives you the time to pay off your debt in installments. At the same time, you get to keep your assets as long as you abide to the repayment plans.
In order to qualify, you must be able to prove that you have the financial wherewithal to pay make the repayments. This can come from your current monthly salary, sales commission, rents and royalty, social security benefits and any other public benefits. Of course, your attorney will explain to you exactly what they need to get started on your case as soon as possible.
Get Bankruptcy Help Today!
Given the fact that filing for bankruptcy can be a complicated, complex and emotionally taxing procedure, you really need the services of an experienced bankruptcy attorney to ensure that you have the best chance at a resolution.
An experienced lawyer will advise you on the best type of bankruptcy to file in your case, as well as some of the legal implications you may face. He or she may also minimize asset loss and make sure that you are taken care of every step of the way. Call 1-800-ATTORNEY today for more information on how we can help you navigate through bankruptcy with the least amount of stress possible.
