Bankruptcy

Who Should Consider Filing for Bankruptcy?

There are many cases when bankruptcy may be a good and smart option. Here are some of the few:

Are you facing a foreclosure or a short sale?

The foreclosure or the short sale will negatively affect your credit score. If you have other consumer debt that you are struggling to pay you may consider filing for bankruptcy. If your credit is going to be negatively affected by the foreclosure, why not eliminate the rest of your debt as well and enjoy a new and fresh financial start.

Do you feel like you are drowning in debt?

If you are struggling to make your bills every month due to large credit card bills, large medical bills or any other consumer debt and your budget just won't stretch to pay all of your creditors you may consider filing for bankruptcy.

Are your wages being garnished?

If your wages are being garnished by a consumer debt and you cannot afford to pay your other bills, you may want to consider filing for bankruptcy. Filing for chapter 7 bankruptcy will stop garnishment in most consumer debt cases.

Do you have a large medical bill that you cannot afford to pay?

If you have a large medical bill that you cannot afford to pay or are not able to pay your other bills, you may want to consider filing for bankruptcy.

Did your financial circumstance change recently?

If your financial situation has changed significantly due to being laid off, loss of a job, decrease in wage and you no longer can afford to pay your consumer debt, you may want to consider filing for bankruptcy.

Who is eligible for Chapter 7 bankruptcy?

The best way to know whether you can or should file for chapter 7 bankruptcy is to work with an experienced attorney. We have filed hundreds of petitions and have helped many families get a fresh financial start. Individuals, partnerships, corporations, or other business entities can be eligible for Chapter 7 bankruptcies, which call for liquidation of assets under the bankruptcy code. Most of your consumer debt such as credit cards, auto loans, mortgage loans, and equity line of credit will be eliminated. Certain types of debts such as child support, student loans, certain taxes, civil judgment, restitution and certain other type of debt will not be discharged through a bankruptcy. Just filing a bankruptcy petition will automatically put a stop to most of the collection agencies calls, stop garnishments and law suits. Once your bankruptcy is completed most of the consumer debt will be discharged and you will have a fresh financial start. We can then help you start rebuilding your credit.

How does it work?

As soon as you retain us you should refer any of the creditors that are calling you to us. You will need to attend a credit counseling class before your bankruptcy can be filed. These classes can be done on line. You will meet with an attorney who will prepare your petition for you listing all of your debts, liabilities, income and expenses and all of your assets. Your petition will then be filed with the court. As soon as we file your bankruptcy petition, the automatic stay will go into effect which means that all garnishments, lawsuits and any attempts to collect debt must stop under the bankruptcy code. About a month after your petition is filed you will be required to go to court for a hearing. Your attorney will be with you. This is an informal setting. There is no judge and usually no opposing attorney. The hearing is conducted by a trustee who is appointed by the Department of Justice. The Trustee will go over your petition and ask you some questions. Your attorney will be sitting next you throughout this process. After the hearing, most people get their discharge papers in the mail after two to three months. Discharge papers reflect that you have field and successfully completed a bankruptcy and all of your eligible debts have been eliminated.

An experienced bankruptcy attorney can guide you through the complicated legal and financial maze of a bankruptcy process and steer you in the right direction for the future.

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