Helping Families Achieve Debt Freedom Through Bankruptcy Law
Legall Law is here to provide legal services for clients looking to file bankruptcy
Are you struggling to keep up with your debt payments? Has the continuous harassment from creditors become too much for you and your family? While bankruptcy may be seen as a last resort for those with insurmountable debts, it can provide an opportunity to make a fresh start and save some of your most valued possessions.
Filing could potentially allow you to keep your home, car, or other personal items while putting an end to creditors' threats, lawsuits, and wage garnishment attempts. In these situations, bankruptcy presents itself as the smartest financial decision one can take to move forward without stress.
Making a choice to file for bankruptcy is a significant decision and should not be taken lightly.
What Is Bankruptcy?
When financial difficulty hits, it can be hard to know where to turn. Bankruptcy is an option available to people and businesses that are facing unmanageable debt. It is a legal process that provides relief from creditors and the ability to get a fresh start. Depending on your situation, filing for bankruptcy could give you the opportunity to have your debt discharged or to structure a payment plan that works for you.
There are several options available to those looking to file for bankruptcy. These include:
Chapter 7 Bankruptcy
This is the most common type of bankruptcy and is designed for individuals who can no longer afford to cover their debts. This sort of bankruptcy entails liquidating nonexempt assets to repay creditors partially. In exchange, the debtor's remaining debts may be discharged. We can help you to exempt important assets such as your house, car, and other personal property to minimize the impact on your life.
Chapter 13 Bankruptcy
This is often referred to as a "wage earner's plan" and is designed to help individuals who have a steady income but struggle to pay their debts. This sort of bankruptcy entails restructuring the debt into a payment plan that the debtor can afford. All your debts are consolidated into one monthly payment, and only a portion of the debt may be repaid. If the plan is approved, the court may modify and reduce some of the debt.
Chapter 11 Bankruptcy
This type of bankruptcy is primarily used by businesses that need to reorganize their debts in order to remain solvent. A debtor can choose to file for Chapter 11 if they have too much debt to qualify for a Chapter 13 filing and are unable to liquidate their assets to repay creditors. If the court approves the plan, the debtor can restructure their debt and gain protection from creditors' collection attempts. Businesses can continue to operate while filing for Chapter 11.
Call for a Free Consultation!
Filing for bankruptcy is a complicated and important decision that deserves the attention of an experienced legal professional. Legall Law are committed to helping individuals and overcome debt and get a fresh start. We provide personalized, attentive service that can make the process of filing for bankruptcy smoother and less stressful.
You do not have to face this financial challenge alone. Give us a call to discuss your options and to find out how we can help you get your life on track.