Bankruptcy Attorney Near Me

Bankruptcy Attorneys For Individuals & Couples

Single individuals and married couples may incur personal debts, anticipating that both income and expenses would remain constant. A change in employment, unexpected medical expenses or other financial obligations can affect the ability to keep up with scheduled payments and re-pay debts. The purpose of bankruptcy is to provide those struggling with debt a way to liquidate or restructure amounts owed. This particular type of bankruptcy is generally known as consumer bankruptcy, where debtors may be eligible to file Chapter 7 or Chapter 13 bankruptcy, depending on the circumstances. Personal, consumer debts may include (but are not limited to):

• Credit card debt
• Medical bills
• Homes or mortgages
• Car loans
• Student loan debt and income tax debt (in some cases)

While filing bankruptcy may have significant impacts on credit profiles and credit scores, oftentimes filing Chapter 7 or Chapter 13 bankruptcy is an efficient way to help individuals and married couples catch up on past due bills or have debts completely discharged altogether.

Chapter 7 bankruptcy is an affordable and relatively simple option to liquidate debts, prevent creditor harassment with an automatic stay, and retain most (if not all) personal property. This type of bankruptcy is known for giving debtors the “fresh start” or “clean slate” needed to get out from underneath personal debts.

However, Chapter 7 does require a bankruptcy Means Test to determine eligibility for filing. Simply put, a debtor’s ability to pass the Means Test is based on their monthly income, expenses, and disposable income. This test is oftentimes complicated, and our bankruptcy lawyers are prepared to help you get through the process.

Individuals may also file for Chapter 13 bankruptcy in order to repay (instead of liquidate) debts owed to creditors. Typically taking place across three to five years, a repayment plan makes it easier for debtors to “catch up” on past due bills and possibly eliminate other forms of unsecured debt. Chapter 13 bankruptcy allows individuals and married couples to reorganize and restructure their debt - as opposed to completely eliminating it.

A bankruptcy attorney helps you determine which type of bankruptcy is best for your unique situation, and which option you are eligible for. Whether you’re an individual or part of a married couple, a bankruptcy attorney can help you liquidate or restructure personal debts and start anew.