Are your debts piling up and keeping you from paying creditors?
If so, filing for bankruptcy under the guidance of an expert bankruptcy attorney may offer some relief.
Falling into a severe state of debt is a particularly tough position to be in. Life is stressful enough without having to deal with aggressive creditors who want payment sooner than you can deliver it. If you constantly struggle to pay your bills and other financial obligations on time, you could possibly benefit from a fresh financial start.
After exhausting all other efforts in order to address your debt accumulation, it may be in your best interest to file for bankruptcy. The bankruptcy attorneys at Hayes, Berry, White & Vanzant have helped numerous people and businesses navigate the bankruptcy process and establish a sound financial footing since 1985. We can do the same for you too.
A Deeper Look Into Bankruptcy
Bankruptcy is a legal method individuals, families and business owners can employ as a means of reorganizing or even eliminating debts under the protection of the United States Bankruptcy Court. Contrary to popular belief, filing for bankruptcy does not necessarily stem from unwise financial decisions or irresponsibility.
“Filing for bankruptcy does not necessarily stem from unwise financial decisions or irresponsibility.”
Since going into debt can arise from an amalgamation of various factors, one can view filing for bankruptcy as a means of attaining a fresh start. The federal Bankruptcy Code allows for such a fresh start by offering several chapters of bankruptcy to debtors. An experienced lawyer from Hayes, Berry, White & Vanzant, L.L.P. can help you decide which chapter is right for you.
Why You Need A Reputable Bankruptcy Attorney
For individuals drowning in a sea of debt, the United States offers three primary types of bankruptcy under the Bankruptcy Code.
- Chapter 7 – Also known as “liquidation,” Chapter 7 Bankruptcy occurs when an appointed bankruptcy trustee collects and sells a debtor’s non-exempt assets and distributes the proceeds to creditors. Unlike others, this type of bankruptcy does not require the debtor to file a plan of repayment. Further, it is common for debtors to lose some property under this type of bankruptcy.
- Chapter 11 – This type of bankruptcy is also known as “reorganization” and is suited for business owners. Under Chapter 11 Bankruptcy, debtors can propose a reorganization plan that will enable them to keep their businesses functional and pay creditors over time.
- Chapter 13 – Also known as “individual debt adjustment” and the “wage earner’s plan,” Chapter 13 Bankruptcy allows debtors to keep their property and pay back debts over time – generally within three to five years. This bankruptcy option allows people to save property and avoid foreclosure.
If you are considering filing for any of these types of bankruptcy, you need the counsel from an experienced bankruptcy lawyer from Hayes, Berry, White & Vanzant to help you decide which chapter is right for you.
Contact Our Bankruptcy Attorneys Today
Whether you are thinking about filing for Chapter 7, Chapter 11 or Chapter 13 Bankruptcy, you need a highly skilled lawyer from our established law firm who understands the complex nature of bankruptcy law. Call us at (940) 387-3518 to discuss your relief options today, or contact our attorneys here.