The tough economy has exacted quite a toll on businesses and consumers alike. In the case of the average family, bankruptcy filings have been rising as it becomes increasingly difficult to stay afloat and stay ahead of your creditors.
In many cases, personal bankruptcy has actually become the only answer for consumers and businesses alike - providing an opportunity to start over, free and clear. Declaring bankruptcy is no small matter, and should be considered thoroughly, but if you are truly backed into a corner financially, it may be the only good answer you have left. Share the details of your situation our bankruptcy attorneys will:
- Work to protect vital assets under the law
- Can help end debt collection harassment
- Ensure you are treated with the dignity & respect you deserve
Though there are many different types of bankruptcy, when it comes to filing personal protection there are only two types that are commonly used – Chapter 7 bankruptcy and Chapter 13 bankruptcy, which are further explained below.
- Chapter 7 Bankruptcy: Chapter 7 is the most utilized individual bankruptcy filing. It allows an individual to retain their essential property such as their home and automobiles. Non-essential assets are sold under a Chapter 7, but in many cases there may be no non-essential assets that aren't afforded protection under a consideration of 'essential'.
- Chapter 13 Bankruptcy: A Chapter 13 bankruptcy allows an individual to keep all or most of their assets, regardless of whether they are essential or non-essential. A payment schedule is then worked out so that individual debts can be paid off over a set period of time, sometimes at a negotiated reduced rate. It can involve restructuring of liabilities, and may be a good choice if you have a dependable income to help you claw back into solvency.
In the United States, the general bankruptcy laws are federal laws. Filings go to the U.S. Bankruptcy Court. Even though the procedures for bankruptcy are federal in nature, the determination of individual property rights is handled at the state level. While most bankruptcies are voluntary filings, in some cases it can be forced by creditors.
Whether the filing is done by an individual or a business entity, a bankruptcy can allow for a fresh financial start.
Chapter 7 is commonly used for consumers struggling with unsecured debt such as credit cards, allowing the individual to walk away from the crushing interest burdens while still affording protection for essential assets.
Chapter 13 was designed to stop foreclosures and repossessions by lowering interest rates and loosening repayment terms for all kinds of debts.
Though bankruptcy will show up in an individual's credit report for 10 years, it does not end your borrowing life altogether, ultimately risk is determined by lender policy and a number of credit offers work with people who have recently gone through bankruptcy.
The truth is that creditors won't tell you about your bankruptcy options because they will typically not see any monies owed them upon your receiving protection. Your creditors prefer to get every penny from you, no matter what the effect on your personal finances --
-- can't blame them when they are justly owed, but there is no excuse for the often crushing penalties and late fees creditors commonly levy.
The truth is that bankruptcy laws were created to help eliminate debt and to protect consumers in financial straights. It is a last resort option for businesses and families that cannot escape their crushing financial circumstances.
In fact, millions of Americans have filed for bankruptcy to get rid of overwhelming debt. Chapter 7 and Chapter 13 may be the ideal solution to end the cycle of struggle and get back on your feet.
It is not however, a magic button solution for walking away from debt without personal responsibility.
We strongly feel that every possible means should have been explored to pay back money honestly lent, but when all options have been explored and you are still coming up short...
It is possible to complete the process without the assistance of a legal professional.
However, ask anyone who has done so, the process is grueling, demeaning, and confusing. You will be expected to appear before a court appointed receiver, an individual who will question you regarding your posessions and the details of your case...
Working with an experienced bankruptcy lawyer will help ensure your documentation is as it needs to be, and will ensure you are afforded all the protections the law provides while ensuring you are treated with dignity & respect.
Additionally, a benefit of using an attorney they can have all calls and correspondence from creditors cease. This alone is often a source of relief if you are being harassed.
Errors in bankruptcy filing paperwork can lead to anything from having your bankruptcy case thrown out of court to felony charges for fraud.
There are many laws to consider when filing for protection, whether Chapter 7 or Chapter 13, let our experienced attorneys ensure all the relevant laws and regulations are on your side -- not working against you.Review My Case Now
If you are facing the loss of your business, your property, or simply feel you have had enough with the debts making life impossible, our experienced bankruptcy attorneys are standing-by to help. Share the details of your situation, and get your free legal case review, to see what legal options are available to you.
Imagine your life free of the crushing financial burdens that are keeping you from the success you deserve, and let our lawyers fight on your behalf to get you there. Don't settle for the bullying of creditors, the harassment of collection agencies, don't get lost in the bureaucracy of the court system. Our legal team will ensure your needs are not ignored.
Consultations are always free and your initial case review is without obligation. If you are considering filing bankruptcy as a way out of debt, are uncertain as to how to proceed or have questions about the process, share the details of your situation with us today.
Consultations are always free and you are under no obligation..