Bankruptcy

Is bankruptcy right for me?

Some people would rather drown in a sea of debt than file for bankruptcy.  While most want to pay their debts, there comes a point when the burden of debt begins to harm you and your family.

How did I get to this point?

Often debt becomes unmanageable after a job loss.  Even if you find a new job you may have fallen behind on your bills while you were searching. It may be that your income is lower than it once was and you simply can’t keep up.  Many face difficulties after a medical emergency with the lost pay and high medical bills that come afterwards. Some face financial stress as their family situation changes, either through separation or divorce.  Perhaps it is a business failure that leads to overwhelming obligations. For many, debt simply grows until it is no longer manageable.

Some signs that your debt has become unmanageable may include:

Creditors call you at home and work about payments. You have collection lawsuits against you. You routinely use one loan to pay another. You have fallen behind on house payments. Your wages are being garnished. Your car is about to be repossessed. You find yourself renewing payday loans.  Your household utilities are about to be disconnected. You continue to pay your debts but the balances never come down.

We are here to help you

I am here to help you make a more informed decision.  A couple of the options available for lasting debt relief are Chapter 7 and Chapter 13 bankruptcies.

Stop Creditors

Chapter 7 and Chapter 13 both provide the protection of the bankruptcy court and can be used to quickly stop collection lawsuits, garnishments, repossessions, foreclosures, and creditors phone calls.

Chapter 7

A Chapter 7 bankruptcy can quickly and completely wipe out debts such as medical bills, credit card debt, payday loans, personal loans, deficiencies on repossessed vehicles and some tax debts.

Not everyone qualifies for Chapter 7 bankruptcy. We can analyze your income, expenses and situation to see if you are eligible for a chapter 7.

Chapter 13

Chapter 13 bankruptcy provides a way to catch up, consolidate and restructure some debts while eliminating other debts.

A Chapter 13 can be a good option for someone who wants to catch up a home loan to prevent foreclosure. Auto loans can be restructured in a Chapter 13, often lowering the interest rate, reducing the principal balance owed and preventing repossession. Chapter 13 also provides a way to deal with difficult tax debts reducing penalties and interest the process. For those who don’t qualify for a Chapter 7, Chapter 13 usually provides an option for eliminating debts.

Is filing for bankruptcy ethical?

While some see bankruptcy as a bad thing, the founding fathers of the United States had a different idea.  The authors of the Unites States Constitution gave Congress the power to create a uniform set of bankruptcy laws.  Over time these bankruptcy laws have encouraged commerce, entrepreneurial enterprise, and have helped lead to the overall prosperity of the United States of America. We can see that this age old ideal of routine debt forgiveness goes back to Biblical times.  Leviticus 25:39, Deuteronomy 15:1-2.

Making a decision

I can help you make a more informed decision by letting you know your legal rights.  I am happy to discuss how a Chapter 7 or a Chapter 13 bankruptcy may help you.  Please feel free to call my office at 601-853-9966.

Notice required by 11 U.S.C. § 528 (b):  We are a debt relief agency.  We help people file for bankruptcy relief under the Bankruptcy Code.