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Trusted Bankruptcy Lawyer

Bankruptcy is a way for honest people to find relief from overwhelming debt. There are several types of bankruptcy: some erase most debt altogether, while others allow individuals and businesses to restructure their debts so that they may make more manageable payments to their creditors.

While some people mistakenly believe bankruptcy is a negative topic and something that should be avoided, actually, today bankruptcy is seen as an acceptable means to a bright financial future for those who without fault simply accumulated too many necessary debts. Indeed, most people with poor credit will see an increase in their credit scores about a year after filing for bankruptcy, allowing them to once again qualify for car and home loans.

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Types of Bankruptcy

  • Chapter 7: Chapter 7 bankruptcy will completely release you from most debts besides student loans. If you’re making payments on a home or car, you’ll normally be able to keep these assets if you remain current on your payments.
  • Chapter 11: This type of bankruptcy is usually for businesses or high income/high debt limit individuals. It restructures their debts, allowing them to make more manageable payments to creditors while remaining in business.
  • Chapter 13: Chapter 13 bankruptcy allows you to make monthly payments to creditors over a period of 3-5 years while keeping your assets. Any debts not able to be paid over that time are discharged. This is for individuals with usual amounts of debt and more income than a Chapter 7 would allow.

Bankruptcy Eligibility

The federal government passed new bankruptcy reform legislation in October 2005. However, don’t be discouraged! Most studies indicate that the new law affects less than 15% of individuals who could have filed previously. If you are feeling overwhelmed by your debts and considering filing bankruptcy, it is highly probable that you fall into the category of the 85 percent of people who are still eligible to file.

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    Client Review

    “Ms Secor and Sam were with me during a very dark time. They helped me through a mess I made by trying to do this on my own. She was extremely knowledgeable and had my best interest in mind. Thank you very much!!!”
    Kellie Almond
    Client Review