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Bankruptcy

Petition to file for bankruptcy documentFacing runaway debt can be extremely traumatic, but if you don’t seek help, you could end up losing your home. Debt relief is a must when you are facing extreme hardship.

Bankruptcy may sound terrifying, but filing now can actually help you turn your financial situation around and improve your credit rating in the long run.

Attorney Maureen Kroll can help you resolve the legal and financial problems of your past while helping you prepare for a new future. 

Chapter 7 Bankruptcy

  • Do you feel overwhelmed by your monthly debts?
  • Do you cringe every time you sit down to pay bills because of the enormity of what you owe?
  • Do you feel defeated because you know that even if you keep up with the monthly minimum payments, you will never be able to pay off the debts in your lifetime?
  • Have you stopped opening your mail or answering the phone all together?

If you answered yes to any of these questions, you may be a candidate for Chapter 7 Bankruptcy. This form of bankruptcy will permit you to discharge most, if not all of your unsecured debts.

When you file for Chapter 7 Bankruptcy, your home may not be affected if you have $15,000 or less in equity, though every situation is unique. It is important to note that IRS debt, student loans, alimony, and child support are not dischargeable.

Chapter 13 Bankruptcy

If you:

  • Are behind on your mortgage
  • Have significant tax debt
  • Have higher than average income

Then you may be eligible to file for Chapter 13 Bankruptcy.

Chapter 13 Bankruptcy affords debtors with steady income to develop a plan to repay part or all of their debts.  During this time period, collection efforts on the part of creditors is prohibited.   

Filing for Bankruptcy

When you choose to work with an attorney to file for bankruptcy, the process becomes much more manageable. Attorney Maureen Kroll will prepare the bankruptcy petition and all paperwork on your behalf. You will have to attend bankruptcy counseling and a creditor’s meeting, but Maureen handles the legwork for you.

Exploring your bankruptcy options is a must if you have a lot of credit card debt and other unsecured loans that leave you feeling helpless. Bankruptcy will help you save money and apply those monies toward paying down the remaining debt on your house mortgage or student loans.

Consult with a bankruptcy attorney if this sounds like your financial situation. Help is available. Contact our office today for more information.

 

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