our services.
Bankruptcy/Debt Relief
Are you experiencing financial difficulties? Job loss, huge, unforeseen medical expenses, the downturn in the real estate market, an addiction to spending and a sluggish economy can all conceivably put even the most responsible person behind the financial 8 ball.
It doesn’t have to be that way of course. Many people are unaware that, given a choice of being paid something or nothing, most creditors would prefer to receive something. A payment of any size, no matter how small, as a show of good faith when times are hard, are well received.
Our office is experienced in dealing with creditors on behalf of disadvantaged clients. If a work out solution is not viable, all is not lost. The law gives debtors legal rights, too. Perhaps the biggest right available is the right, if one qualifies, to file for bankruptcy.
Simply stated, bankruptcy is a legal mechanism for reducing or eliminating most types of consumer debts. It does not work to eliminate some debts, like child support or student loans.
A qualifying debtor has two main options in bankruptcy:
- They can force a creditor to take pennies on the dollar to satisfy a debt (Chapter 13- best for people who have enough wage income to apply to debts), and
- Forcible elimination of most unsecured indebtedness (Chapter 7 – best for people with no job or inadequate income in excess of buying the bare necessities). Furthermore, while the bankruptcy case is ongoing, and for a time after it is closed, creditors can take almost no collection action against the debtor. Come in and puck up one of our free Chapter 7 Bankruptcy charts – a client favorite.
Some fear that the stigma associated with filing for bankruptcy is far more shameful and embarrassing than continuing to live paycheck to paycheck and struggling. The truth is that bankruptcy provides a new start for many individuals and families, and can greatly improve the quality of life you experience.
