The idea of filing for bankruptcy is difficult for most people, but there are many reasons to file bankruptcy. the bankruptcy attorneys at Roach Law understand how difficult it is for people who are in positions of needing to file for bankruptcy. We are sensitive and respectful of our clients as we work to get the desired results. We will work to settle your financial issues so that you can have a fresh start.
Many people are confused about how the bankruptcy law changed in 2005. We will inform you of the changes that were made and can offer Chapter 7, 11 and 13 bankruptcy representation for individuals and businesses. We can help you to end garnishments, creditor harassment, and foreclosures while helping you to reduce or eliminate unsecured debts such as credit card debt, loans and medical debts. We also help our clients to resolve debt issues if they prefer non-bankruptcy alternatives.
What Is Bankruptcy?
Bankruptcy is a legal financial tool that can be used by individuals and businesses that are struggling under huge debt loads. Filing for bankruptcy requires you to understand which type of bankruptcy chapter is most appropriate and then to file the petition and all of the required financial schedules. If your bankruptcy petition is successful, you may be allowed to walk away from your discharged debts without having the responsibility of repaying them.
Types of Bankruptcy
There are several different types of bankruptcy and the chapter under which you might file will depend on your income and debt level as well as whether you are an individual or a business. Chapter 7 bankruptcy is the most common type of bankruptcy for individuals. It is also called a liquidation bankruptcy because any non-exempt assets are sold by the trustee to repay a portion of your debts. Most Chapter 7 bankruptcy petitioners have few non-exempt assets and lose nothing in their bankruptcy cases. If you qualify, you may have many of your unsecured debts discharged, meaning that you will no longer be required to repay them.
Chapter 13 bankruptcy is another type of bankruptcy that may be chosen by debtors. This type of bankruptcy is used when people who have incomes that are too high for a Chapter 7 petition or who have debts that do not qualify under that chapter want to file bankruptcy. This bankruptcy type involves a repayment plan lasting from three to five years. During that time, you will repay all of your priority debts. At the end of the repayment plan, the remaining portions of your unsecured debts will be discharged.
Chapter 11 bankruptcy is available for businesses who wish to reorganize their debts and to stay open. In this type of bankruptcy, the business stays open under the supervision of the bankruptcy court. The business will submit a debt repayment plan to repay its creditors. This chapter is also sometimes used by farmers who need to file bankruptcy but who want to save their family farms.
Benefits of Bankruptcy
Bankruptcy can offer multiple benefits to debtors. When the petition is filed, an automatic injunction is issued by the bankruptcy court telling all of your creditors to immediately stop all of their collection activities. Bankruptcy can put a stop to creditor harassment, lawsuits, judgments, and garnishments.
If your discharge is successful, you will no longer be required to repay your discharged debts and may enjoy a fresh financial start. Chapter 13 may be beneficial by stretching out the time you have to catch up your payments on certain types of secured debts such as your mortgage. It may be used to strip away second liens while also helping you to save your home from foreclosure.
Client-Centered Results for Complex Bankruptcy Law Issues
At Roach Leite, we have the experience that you need for your bankruptcy case. We can help you to decide which type of bankruptcy might be the most appropriate for your case and when to file bankruptcy. For answers to your bankruptcy questions, contact Roach Leite today to schedule your consultation.
No Matter The Circumstances We Can Help
We handle many types of Bankruptcy cases. Some of the more common matters that we help our clients with include the following:
Stop Wage Garnishments
Qualifying For Credit Post-Bankruptcy
Get a Fresh Financial Start
Stop Harassing Calls from Creditors
Ability to catch up on late mortgage or vehicle payments
Bankruptcy Document Requirements
Protecting Cosigners From Creditor
Bankruptcy And Divorce
Qualifying For Credit Post-Bankruptcy