If you are in financial distress in Madisonville, Hopkins County, or Webster County and you are looking for debt relief, please contact my office about your financial situation. As a Madisonville bankruptcy lawyer, I can ensure that your financial picture is evaluated for debt relief options and eligibility and can help you make an informed decision about what is best for you and your financial goals.
I have hi-lighted my firm's practice areas below. I encourage you to get familiar with this site and the different aspects of bankruptcy, and from there, please contact me directly to schedule a private consultation where we can discuss the details of your specific situation.
I have compiled a list of frequently asked questions about bankruptcy. You are encouraged to read on to view the answers of several commonly asked questions about the bankruptcy process. If you have more questions and concerns, I am here to answer them for you.
There are a number of bankruptcy "myths" floating around. Unfortunately, some of these myths prohibit people from filing for bankruptcy when they would truly benefit from filing. Please, continue reading about the common bankruptcy myths so you can become informed about the true facts.
If you are considering filing for bankruptcy, the first step is to discuss your case with a qualified bankruptcy attorney. Once you have determined that bankruptcy is your best option, next you will need to create a detailed report of your monthly expenses, income, and all of your debts.
The bankruptcy timeline depends upon which type of bankruptcy the person chooses to file. A Chapter 7 (debt liquidation bankruptcy) can take from 3 to 6 months on average, whereas a Chapter 13 (debt reorganization bankruptcy) is complete when the 3 to 5 year repayment plan has been satisfied.
Benefits of Bankruptcy
One of the immediate benefits that people notice is the fact that creditors and collectors stop calling and sending letters due the "automatic stay" that goes into effect. The automatic stay prohibits creditors from contacting the debtor; otherwise they face legal penalties if they violate the law.
Chapter 11 bankruptcy is otherwise known as a business bankruptcy. This type of bankruptcy allows businesses to keep their doors open and in operation as they repay their creditors through a court-approved payment plan. This bankruptcy can allow certain businesses to remain afloat instead of having to shut down operations.
Chapter 13 is known as the "wage earners" bankruptcy due to the fact that in order to qualify, you need to have a steady source of income coming in each month to pay off your debts. If you're unemployed or working sporadically, then this bankruptcy wouldn't make sense. With a Chapter 13, all or a portion of your debts are paid off over a 3 to 5 year time period and at a monthly payment you can afford.
Chapter 7 is the debt liquidation bankruptcy. With this bankruptcy a number of unsecured debts such as medical bills, ambulance bills, past-due utility bills, credit card debt, personal loans and taxes of a certain age are discharged, or otherwise "wiped out."
Your credit report is a direct indicator of your credit worthiness, and for this reason it's critical that your credit report be accurate. As a bankruptcy attorney with 30 years of experience, I can help you understand how to view your credit for inaccuracies, and I can explain what you can do to correct such misinformation.
Life After Bankruptcy
Life after bankruptcy can be so much better than before you filed and this cannot be stressed enough! Can you imagine life without those pressing debts looming over your head and causing you a substantial amount of unwanted stress?
Social Security Disability
Social Security Disability (SSDI or SSI) is a federal program under the Social Security Administration. These two programs provide much needed benefits for people who cannot work due to a disability. In order to qualify, your disability must be expected to last for at least twelve months or end when you pass away.
Stop Wage Garnishment
An employer may be forced to garnish a worker's wages when a creditor has obtained a court order through the court. Either a person's bank account or their wages can be subject to wage garnishment, and the garnishment can be up to 25 percent of a debtor's disposable income.
For those individuals struggling with overwhelming debt, bankruptcy may very well be the most optimal solution they are searching for. There is no reason why you should be forced to endure the stress and frustration association with debt you cannot afford to repay. Bankruptcy exists for a reason, and if you would benefit from filing for bankruptcy, you should consider all of your options at length. To learn more about bankruptcy, contact the firm today!