Debt Relief & Bankruptcy
Do you feel overwhelmed by ever-increasing debts? As a debt-relief attorney, I can help you to explore your options.
Your options might include:
Waiting to take any action because you are “judgment proof.”
This means a creditor who obtains a judgment against you cannot collect on the debt because you do not have any income or property that the law will permit the creditor to take.
Negotiating agreements with your creditors.
They may be willing to do this if they believe that bankruptcy is a viable option for you and that they are likely to receive less if you do file for bankruptcy.
These and other possibilities should be ruled out before you file for bankruptcy. As an attorney who is experienced in the area of debt relief, I can help you to decide if your best option is bankruptcy.
If Bankruptcy is Your Best Option
If it is the best option, I also can help you to decide which type of bankruptcy would be most effective for you. For individuals, there usually are two types of bankruptcy available – you could file under Chapter 7 or Chapter 13 of the Bankruptcy Code. Your goals and financial circumstances must be reviewed thoroughly to make this decision.
Chapter 7 Bankruptcy: A Clean Start
Chapter 7 bankruptcy is designed to give you a “fresh start” by discharging most of your unsecured debts, which generally includes credit-card debt and medical bills (as well as various other debts), while permitting you to exempt much, if not all, of the property that you have. In other words, you no longer would have the burden of those debts after the bankruptcy is finished and would be able to keep the property which exemptions under the Bankruptcy Code keep out of the bankruptcy process.
Chapter 13 Bankruptcy: Paying Back Debt over Time
There are situations when you cannot, or should not, file under Chapter 7. For example, you may have fallen behind in payments owed for your residence or your car. If you want to avoid losing your home or having your car repossessed, we need to consider whether a Chapter 13 bankruptcy is realistic.
If you have enough income to fund a plan during the bankruptcy process that will pay your current monthly obligations on the debts that are “secured” by a house or a car, for instance, and that pays back the amount that you are behind on such debts over a reasonable period of time (which can extend up to 60 months), then we can discuss whether or not you want to file for bankruptcy under Chapter 13.
This is not an easy time, but I can help.
This is a complicated area of the law, especially when you are already feeling overwhelmed by your financial situation. It helps to discuss all of these options with a debt-relief attorney. Call me at 412-454-9012, and we can work together to pursue the best solution to your financial difficulties.