If you are facing a seemingly insurmountable amount of debt, a bankruptcy attorney with the Thurman Law Firm can help you explore solutions. You may feel as if you are facing a never-ending stream of letters and phone calls from creditors and collection agencies about overdue bills. You may feel too ashamed to openly seek help for your financial difficulties.
However, we know that many different circumstances – credit card debt, unemployment, medical bills—can lead people to consider bankruptcy. Our attorneys will address your case with sensitivity and professionalism and help formulate a plan for recovery. Our clients are usually filing bankruptcy for the first time and have only a vague idea about how bankruptcy can serve as an effective tool for emerging from heavy debt and rebuilding a financial future, both for today and for the long-term.
Thurman Law Firm strives to give relief to its clients who are in financial trouble in today’s economic climate. Whether you are experiencing difficulty paying your mortgage, car loan, or credit card debts, bankruptcy laws exist to help you stabilize your economic situation. Filing for bankruptcy will in most cases positions us to immediately be able to:
- Stop collection calls and notices
- Stop foreclosure on your home
- Stop wage garnishments
- Stop automobile repossessions
- Remedies for IRS debt and divorce related debt
Clients typically have a few options when seeking bankruptcy relief:
Chapter 7 is for individuals and businesses who seek to discharge debts; this is for the client is overwhelmed by debt and wishes to obtain a fresh start. This option involves the liquidation of all non-exempt assets and distribution of proceeds to your creditors. You may still be able to retain your house and any property that is exempted by federal or state law.
Chapter 11 bankruptcy is mainly used by businesses that have outstanding debts; a major advantage of this option is that you will still be able to continue running your business as you create a plan to pay back creditors and restructure your company.
Chapter 13 bankruptcy permits individuals, who have regular income, to formulate a plan to repay debts within three to five years. This allows certain past due debts to be paid off over a period of time and other debts to be satisfied by only paying a portion of the total amount owed. This option is typically used by people who have fallen behind on mortgage or car loan payments and do not qualify for Chapter 7 (usually due because their income is too high). Under this option, you may be able to modify mortgage payment plans.
New bankruptcy laws have changed the requirements for filing bankruptcy. These changes impose additional requirements on debtors when filing and a debtor’s ability to file Chapter 7 bankruptcy. However, the changes in bankruptcy law are not as difficult as rumored in the media. A knowledgeable bankruptcy law attorney can easily lead you through the change in process.
For assistance in determining if you qualify for bankruptcy, or for questions regarding the change in the new bankruptcy laws, please contact Thurman Law for an appointment.