Is bankruptcy right for me?
You may be wondering whether bankruptcy is the right thing for you to do. If you are being harassed by creditor calls or worse receiving notice of lawsuits, bankruptcy is worth checking into. In some cases,
negotiation with a creditor, defense against lawsuits or a mortgage debt modification may resolve your difficulties. In other cases, however, bankruptcy protection against lawsuits is vital. A
bankruptcy lawyer can evaluate your situation and answer whether bankruptcy is right for you.
When is it time to file?
When you are being sued, it is time to look ahead. Once a creditor takes a judgment, you are at risk of wage garnishment, execution on your bank accounts and seizure of property. These creditor actions can make your life intolerable. Happily though, a bankruptcy filing brings these actions to an immediate halt.
Chapter 7: Total Discharge of Debts
If you do not have any means to pay your debts, you may consider Chapter 7 bankruptcy. Under this chapter most debts can be discharged. While you do have to give up non-exempt property,
bankruptcy exemptions protect much of your personal property. You may also keep secured property such as a car or home if you can keep up the payments.
Chapter 13: Pay Debts over 3 to 5 Years
If you can pay off your debts but just need time, you could potentially file Chapter 13 bankruptcy. This gives you the same stay against collection action as Chapter 7. You keep your property while undertaking a plan to pay off your creditors over a 3 to 5 year period. You make one monthly payment to a bankruptcy trustee who then distributes the payment among your creditors.
At Bizar & Doyle we advise clients on their options to handle their debt situations. If bankruptcy is right for them, we guide them through the bankruptcy process. We have helped many clients break free of the crushing burden of debt and gain a fresh start.
Contact a Bankruptcy Lawyer
at the firm for help in determining if bankruptcy is right for you.
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