BANKRUPTCY
Types
Types of Bankruptcy We Provide
Bankruptcy can be a complex landscape, but understanding the common types is the first step toward reclaiming your financial freedom. At Moody Law Offices, we recognize that each situation is unique, which is why we offer tailored advice on the most prevalent bankruptcy options available. Chapter 7 provides a swift discharge of unsecured debts, giving individuals a clean slate, while Chapter 13 allows for a manageable repayment plan that can be a lifeline for those with steady income. For businesses, options such as Chapter 11 can facilitate reorganization, helping you emerge stronger and more resilient. Let us guide you through the intricacies of these choices, ensuring you find the path that best suits your needs and goals for a brighter financial future.
Chapter 7 Bankruptcy
Chapter 7 is the most actively pursued filing for individuals facing debt control problems. In today’s consumer based economy, more and more people are faced with insurmountable debts. Learn More
Chapter 13 Bankruptcy
Chapter 13 bankruptcy gives an individual the freedom to consolidate their debt while affording them the opportunity to make convenient monthly payments to a trustee. Learn More
Bankruptcy
Should I file for bankruptcy?
Most people have the perception that bankruptcy is the last resort on a dead end street. Actually, bankruptcy is and can be the beginning to brand new start. Sometimes because of circumstances beyond their own control, good people find themselves in bad situations. Death of a family member, serious illness, or a permanent loss of a job can send someone in a fast and bottomless spiral. Filing bankruptcy can give you the opportunity to stop the bleeding and regain control of your life.
Most people have the perception that bankruptcy is the last resort on a dead end street. Actually, bankruptcy is and can be the beginning to brand new start. Sometimes because of circumstances beyond their own control, good people find themselves in bad situations. Death of a family member, serious illness, or a permanent loss of a job can send someone in a fast and bottomless spiral. Filing bankruptcy can give you the opportunity to stop the bleeding and regain control of your life.
Are you afraid to answer your phones because of nonstop calls from creditors?
Are you and your spouse arguing more and more over expenditures and “every little thing you buy”?
Are you habitually late in making payments?
Are you paying with credit to purchase things you used to pay cash for?
Do you have to have advances on your paycheck just to get through the week?
Do you owe medical bills?
Are you having IRS problems?
Are you threatened with a foreclosure?
Are you parking down the street to hide from the repo man?
Chances are that if YES is a response to any of these questions for you, than you probably answered yes to most of them. Bankruptcy may or may not be an option for you, but if you are tired of the harassment, arguments, and sleepless nights brought on by not knowing where to turn, contact our office and we will help you make the best possible decision for your personal situation.
Common Bankruptcy Inquiries
Bankruptcy can be a daunting concept, but it often serves as a lifeline for those overwhelmed by debt. Understanding your options can empower you to make informed decisions about your financial future.
Common Bankruptcy Inquiries
You will not be allowed to charge anything at all once you file. The trustee will make you cut all of your cards in half. There are some exceptions, but you should consult with an attorney for these.
Do I qualify for bankruptcy?
You could possibly qualify for either a chapter 7 or chapter 13. Both have specifics that are unique to each filing. However, if you have more month at the end of the money, and are struggling financially, you should contact our office for a consultation.
Will filing bankruptcy keep the creditors off my back?
Once you file for bankruptcy, creditors and collection agencies are stopped from their attempting to contact you. Some circumstances are in exception to this, but a qualified attorney can explain these to you.
Should I file with my spouse?
As all married people know, there are advantages and disadvantages when deciding to file or sign for something jointly or separately. The same is true especially for filing bankruptcy. It is necessary to examine the particulars of your situation to assess whether or not you should file jointly or not.
What will happen to my credit record?
Bankruptcy will show up on your credit record and will without a doubt, hamper your future ability to get new credit. Chapter 7 will be on your record for 10 years. However, creditors may sometimes be more willing to give credit to someone who has no debt than to someone who is drowning in it.
Will I still have to pay taxes after I file?
Most people are unaware that the law does provide for some protection from having to pay some types of taxes once you file for bankruptcy. It is possible to discharge taxes but only those based on a certain number of factors. Our office can go over your tax status with you and see what we can do.
Can I keep my home and vehicle?
When dealing with stopping a foreclosure or repossession, the law is very complicated and whether or not someone may keep his or her property is a matter that requires the close attention of an experienced attorney. Depending on a number of factors including, but not limited to, how much equity is in your home, and your payment history, it is possible you may be able to retain your home or vehicle.
How can I learn more about bankruptcy?
By simply calling or e-mailing our office, you can learn the answers to these or any other questions you may have about bankruptcy from any of our experienced attorneys. Let us help you help yourself out of a life of debt.
