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Bankruptcy

The decision to file for bankruptcy is often one of the hardest choices that a person has to make in his or her lifetime. Poor planning can often make the process even harder. It goes without saying that filing for bankruptcy should generally be a last resort, and should only be done when all other methods of satisfying one's financial obligations have been exhausted. However, if your situation has become so severe that you are in danger of foreclosure, garnished wages or repossessions, or are facing debts that you are unable to repay, putting off the inevitable can have devastating consequences. Procrastination can cost you your car, your wages, and even your home. Filing your case in a timely fashion can spare you these losses. 

Chapter 7 Bankruptcy

Chapter 7 bankruptcy protection is designed to eliminate most of the unsecured debts of an individual or business.  Unsecured debt is an obligation that does not have specific property as collateral, such as a house or a car. The process is often referred to as a "liquidation bankruptcy" because the property and/or assets of the debtor are sold in order to pay off as much of the debt as possible. Any debt that remains is then eliminated or discharged. Chapter 13 bankruptcy

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is known as a reorganization bankruptcy in which you set up a repayment plan to pay off debts with future income. Unlike a Chapter 7 bankruptcy, however, you are allowed to keep you property. This form of bankruptcy is only designed for individuals and married couples and businesses are not eligible. 

Filing a bankruptcy petition can be beneficial in a wide range of circumstances:

  • If you are close to foreclosure on your home, declaring bankruptcy may stop this from going forward and even establish a payment structure that will help you pay off your arrears.
  • Bankruptcy may allow you to take back an automobile that has been repossessed by a creditor.
  • Large medical bills, especially when combined with a loss of employment can create a nearly impossible financial hole to climb out of.  Bankruptcy can help reduce or even wipe away your medical bills.
  • Bankruptcy can stop harassing creditors from turning up on your doorstep, especially if they are being unfairly pushy or unreasonable or fraudulently attempting to take more than you owe.
  • If your utilities have been shut off, bankruptcy will help restore services so you do not have to live in darkness.
  • Although your student loans will generally not disappear, bankruptcy may help you to consolidate those debts and pay them off in a reasonable time frame.
  • Bankruptcy can end wage garnishment, which means you will be able to afford life’s necessities.  

If you are currently facing one or more of these issues, bankruptcy may be the best and most logical way to get a fresh start on your financial start.  Contact our law firm to assess how filing bankruptcy can impact your individual situation.

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