The idea of “bankruptcy” can carry a shameful stigma that steers individuals away from the idea. But life (or COVID-19) happens! Whether you are treading water in a pool of credit card debt, being crushed by medical bills, trying to make ends meet while furloughed from work or being hounded by creditors and/or collections agencies, sometimes the only option for relief is bankruptcy. Bankruptcy can provide a fresh start that you desperately need.
While there are several types of bankruptcy, the traditional type people tend to think of when contemplating filing is a Chapter 7. A Chapter 7 bankruptcy provides a liquidation and discharge of those debts which are dischargeable. Another traditional type of bankruptcy is a Chapter 13. A Chapter 13 bankruptcy is a reorganization in which your debts are restructured for partial or full payment over a period of time via a payment plan.
A detailed analysis of your income and expenses will assist us in determining which bankruptcy chapter meets your goals and best suits your case. Creating an accurate accounting of your living expenses and income can be overwhelming and intimidating, but we will help to simplify this process and advise you on exactly what is needed to create such accounting. This accounting will then be utilized to determine whether your income is above or below the median income for your household size and whether you can meet your expenses (i.e. whether you qualify).
As is typical when navigating the legal process, a case-by-case analysis is required to determine whether you qualify, and exactly which type of bankruptcy suits your case.
The process of filing a bankruptcy can be daunting and overwhelming; but if you reach out to one of our attorneys and begin the bankruptcy process, then you will obtain that lifeline before you know it.