WE UNDERSTAND YOUR SITUATION


There's no shame in being in financial trouble.


It can happen to anyone.


And does.

Is bankruptcy right for me?


Bankruptcy is not the end of the world, but it can be a new beginning. When you’re in debt, you’re dealing with creditors and collectors, trying to meet everyday expenses, and feeling as if you are under the gun. You may start living off your credit cards, taking out payday loans or car title loans, trying everything you can think of to get out from under your debt. However, with interest charges and mounting balances, you may end up feeling like a hamster in a wheel — running in place, or even going backwards!

Bankruptcy can help you get out of debt, either by liquidating (Chapter 7) or reorganizing (Chapter 13). Immediately, the phone stops ringing, the notices stop coming, and you can breathe again. Bankruptcy is not a magic wand, but is there to help you when you’ve gotten in far over your head. With nearly 20 years of experience in filing bankruptcies, and over 25,000 success stories, we have the expertise to help you out of your tough situation with achieve a positive outcome.

DEALING WITH CREDIT CARD DEBT DUE TO LOSS OF JOB


It’s easy to make financial mistakes after the loss of a job. Or when your income decreases after changing jobs. One of the biggest mistakes you can make is living off your credit cards, thinking that you will pay them down when things get better. With interest charges and all the fees, this kind of debt can spiral out of control before you realize it.

You may need to talk to a bankruptcy attorney if:

  • You are paying more out in interest then you are in principal, OR
  • You are seeking alternate lines of credit to continue paying the bills, OR
  • Even when you begin another job, a large part of your pay goes to servicing the credit card debt instead of paying daily expenses.

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An illness or injury in the family can lead not only to a loss of income, but can bring with it crushing debt as a result of medical bills and related expenses.

You may need to talk to a bankruptcy attorney if:

  • You become aware that, like other forms of debt, medical bills can negatively impact your credit score, OR
  • If it's a spouse that's ill, you're wondering whether one or both partners in the marriage need to file for bankruptcy, OR
  • If the illness or injury is part of a personal injury or malpractice lawsuit, it is very important to explore how a bankruptcy might affect the case.
If your medical debt is large enough that you feel it's insurmountable, we can help you bring it down to size, even if that size is $0.

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DISCHARGING MEDICAL DEBTS WHEN A FAMILY MEMBER BECOMES ILL

STRATEGIZING SOLUTIONS FOR WHEN DIVORCE HAPPENS


Bankruptcy and divorce come together very often. In fact financial woes can often cause the dissolution of a marriage. There are some key things that you should know when this happens.

You may need to talk to a bankruptcy attorney if:

  • If you incurred debts as a married couple, then both of you are responsible for those debts.
  • Should your former partner default on their debts, you could be held liable for them.
  • If one partner files for bankruptcy and the other does not, the party that does not file is liable for the debt.
If you are planning to file for divorce and for bankruptcy, it is in both parties’ best interests to file for bankruptcy first.

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Despite the best retirement planning, you may not be prepared for every contingency. Bankruptcy for seniors and retirees may be the best way to preserve your assets.

You may need to talk to a bankruptcy attorney if:

  • Social Security income is exempted in bankruptcy proceedings.
  • Under most circumstances, retirement accounts are exempted in bankruptcy.
  • Many pension plans are exempt in bankruptcy such as deferred compensation plans, 401(k), ERISA plans, and others.
  • Social Security is exempted from the Chapter 7 bankruptcy means test.
It’s a good idea to keep your Social Security benefits separate from your other funds, so as to prove that they are in fact from Social Security. Talk to one of our experienced attorneys to determine how best to protect your retirement.

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BANKRUPTCY SITUATIONS FOR RETIREES AND THE ELDERLY

BANKRUPTCY SOLUTIONS FOR SMALL BUSINESSES


Bankruptcy for small business owners is often a personal bankruptcy as well. It’s also a possibility to reset your business and exit bankruptcy with an operational company. There are several options in a small business bankruptcy.

You may need to talk to a bankruptcy attorney if:

  • Chapter 7. This is a liquidation bankruptcy in which the US trustee sells the assets of the business to pay the creditors.
  • Chapter 11. Where the business continues to operate under the supervision of the US trustee while reorganizing its finances, and paying its creditors.
  • Chapter 13. This is used when a partner in a business has substantial personal interests that are threatened by the insolvency of the business.
One of our experienced attorneys can guide you to the best choice for yourself and your business.

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When you use the “cram-down” provision in the Bankruptcy Code, your financed car loan will be restructured to lower your monthly car payment. Here’s how it works:

  • Reduce the annual percentage rate (APR) on your auto loan to currently 5.25% (calculated as the prime rate plus two percentage points).
  • You can stretch the length of time you have remaining on your loan, from 36 months up to 60 months.
  • If you are behind on your car payments, we can stop the repossession before it happens – so you can keep your car!
  • If your car loan has been in effect 910 days (2 1/2 years) or longer, the total amount you owe on the loan can be reduced – to what your car is presently worth!
  • Any or all of the above cram-down benefits will help lower your monthly car payments!
Talk to an experienced bankruptcy attorney about cramming down your car loan.

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REDUCE YOUR MONTHLY CAR PAYMENT

USING LIEN STRIPPING TO REDUCE YOUR MORTGAGE DEBT


When you use lien stripping to reduce your mortgage debt in Chapter 7 or 13 bankruptcy, it does not get rid of your primary mortgage debt. Here’s how it works.

You may need to talk to a bankruptcy attorney if:

  • Lien stripping is used on second or third mortgages, and HELOC debts when the debt on the first mortgage is more than the house is worth.
  • This turns those instruments into unsecured debts which are treated the same as credit card debt.
  • You will have to pay a much smaller sum on the stripped liens then you would on a secured debt.
  • If you do not successfully complete your bankruptcy plan, the liens remain in place.
Talk to an experienced bankruptcy attorney about using lien stripping to save your home.

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Bankruptcy is the only debt relief solution cited under the Constitution, backed by the power of our courts. It is the only debt relief approach that erases debt entirely, and allows people another "time at bat" to participate in our economy.