What we do
Many debt problems develop relatively slowly, with fees and monthly minimum payments escalating until there seems to be no hope of ever escaping. While the inexorable progress of such issues can lead to feelings of pessimism and helplessness, it is often possible to arrange for an entirely fresh start.
Consulting with a bankruptcy attorney regularly reveals ways of resolving debt related problems that are far superior to the status quo. In particular, chapter 7 bankruptcy often makes for an appropriately tailored solution to the problems that individual debtors, couples, or families face.
Turning Back the Clock on Debt and Getting Off to a New Start
The Chapter 7 process is well established and understood, and those who seek out the right type of assistance with navigating it boast impressive rates of success. While receiving protection under Chapter 7 can never be guaranteed, having access to the counsel and representation of an attorney makes it much more likely.
The process begins with a simple filing that includes details regarding a debtor's current financial situation. A special federal bankruptcy court will then assess the information provided and get in touch with all involved creditors to make sure each stakeholder is aware of the pleading.
From that point onward, the nature of the process can vary quite a bit. Should any irregularities be discovered along the way, as with loans obtained under fraudulent circumstances, a debtor could be disqualified from receiving at least some portion of the relief that might normally be available. Likewise will the arguments of creditors be taken into account, a fact that is not always obvious to those who file for chapter 7 bankruptcy.
A Significant Setback But Never the End
Of course, this form of debt resolution does come with downsides that need to be assessed, as well. One important consideration is the fact that many of a debtor's personal assets will be vulnerable to liquidation, with any proceeds from their sale being distributed to creditors. Certain kinds of property, on the other hand, are excluded from this measure, so that debtors do not find themselves homeless or without transportation.
The other important factor to be aware of is that going through bankruptcy will impact a person's chances of obtaining credit for quite some time to come. Notice of a bankruptcy will normally remain on credit reports for up to ten years after protection is granted. Although that can make life thereafter more difficult, it often turns out to be by far preferable to the alternative.
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