Why Would I Need a Bankruptcy Lawyer?

All too many people often find themselves in the extremely stressful situation of not being able to repay their debts. If this has happened to you, we, as bankruptcy attorneys, can help you find relief from overwhelming and sometimes crushing debt.

While most lawyers are technically able to handle the legal process, a bankruptcy lawyer is both well versed in bankruptcy law and has the experience necessary to guide you through the process and help you get a fresh start. Attorneys who specialize in different or multiple areas of the law, usually do not have as much experience.

Unfortunately, many honest and hardworking people can find themselves in the position of not being able to repay their creditors through no fault of their own. You could have a small business fail, or lose your job. And accident or illness can often severely cripple your finances, especially if a long rehabilitation period is involved. In these and other situations, normal people often find themselves behind on the mortgage or rent, unable to pay the power bill, etc. Taking from Peter to pay Paul, just to keep food on the table is an extremely an extremely stressful situation to be in and as a bankruptcy lawyer, we can help.

However, bankruptcy is not for everyone. It is entirely possible to change your financial situation by working out a detailed and carefully thought out financial plan, making changes in your lifestyle and then sticking with it for a period of time. But, if you still see no way out, even after you sit down and carefully analyze your situation, and if your creditors and unwilling to work with you, bankruptcy may be your best option.

What is Bankruptcy?

Bankruptcy is a legal proceeding which simply means a person is declared bankrupt; i.e. cannot repay what they owe. New U.S. Bankruptcy laws were passed by the government is 2005 to protect people from what can be a nightmarish situation. These laws offer businesses and individuals the opportunity to make a fresh start by forgiving the debt that simply cannot be repaid. However, this does not mean that the debtor will get off completely scot-free. These laws do not ignore the interests of the creditors but offer them some repayment protections based on what assets may be available. Additionally, there are some debts, such as alimony, child support, and taxes, which are not eliminated by any bankruptcy filing.

There are essentially two types of bankruptcy most commonly filed. The first, called Chapter 7, wipes out most of your debt, but any assets what are not exempt will be used to help pay off your creditors. If your income is high enough, you may have to file under a Chapter 13, which requires you to pay your creditors in stipulated monthly installments, over a period of time.

Let Us Help

As your bankruptcy lawyer, we understand how traumatic this situation must be for you. However, we have seen many people in circumstances very similar to yours and have helped them come out on the other side, able to rebuild their lives. We will first go into the details of you situation to see if you qualify for bankruptcy and if you do, what type of bankruptcy you should file for. Throughout the entire proceedings rest assured that you will always be treated with the respect and dignity you deserve.