How Bankruptcy Lawyers Can Help If You Are in the Military

As bankruptcy lawyers, we know that it is easy to find yourself in a situation where you are in over your head and in need of financial relief.  For military families it is easy for moving expenses to mount, a military spouse to have a hard time finding a new job, etc. when moving from one base to the next.  These constant lifestyle changes can make it difficult to stabilize, regardless of how hard you try.  This can create a need to pay for things with credit cards that sometimes become more than you can afford to pay back.  If you have a lot of unsecured debts and are looking for a way to repay it – we can help.

There is more than one type of bankruptcy that you can file.  A Chapter 13 allows you to enter into a repayment plan with your creditors so that they will receive some of what you owe them.  This is often a good scenario when you want to make payments but simply cannot afford the high amount that they expect on a monthly basis.  Unfortunately, many credit card companies are not willing to work with you to prevent the need to file for bankruptcy.  When you engage our services, we can negotiate with your creditors to see if they will agree to a repayment plan or proceed through the bankruptcy court.

In a Chapter 13, we will present to the judge the amount of money that you have available to live on and what is left over after all of your expenses are paid.  This includes what you need to pay for rent, utilities, child care, gas, food, insurance, etc.  The amount that is realistically left over is your disposable income and the amount of money you have to pay on your debt.  This is the money that the judge or trustee will split between your creditors.  In this way, everyone gets something but still less than if you were to pay them off in full.  Your creditors will have the opportunity to argue for why they should get more than the next guy but at the end of the day, if you make your monthly payment on time, the remaining debt will be discharged when the repayment period is over.  This can be a complex process and as bankruptcy lawyers, we can help you to set up your repayment plan.

If, however, you are looking to wipe your debts out – this is also a possibility.  We can help you to file a Chapter 7 bankruptcy where all of your unsecured debts are eliminated.  This includes things like credit cards and personal loans.  You can also have some of your secured debt wiped out if you are willing to give back the collateral.  For example, a car loan can be wiped out if you give back the car.  If you want to keep your car or home, you must continue to make the payments, though any back payments you owe may be negotiated as part of the proceedings. Every situation is different so for assistance, call and speak with one of our lawyers today.

How a Bankruptcy Lawyer Can Help You and Your Family

Although, technically, any lawyer can handle bankruptcy proceedings, a bankruptcy lawyer is an attorney with proven expertise in bankruptcy law.  As such, if you are overwhelmed by debt, we recommend calling an expert.



Reasons to file for bankruptcy...

There are a number of reasons any honest, hard working person can find themselves in the nightmarish situation of not being able to pay their debts. In a none too bright economy, you could lose your job, or have a small business fail. Serious health issues, or a death, can cripple a family's finances. Regardless of the reason, if you find yourself in the nightmarish situation in which creditors continuously call you at work demanding that you pay them - you should speak with an attorney.  Simultaneously if you are behind on the mortgage or the power bill and are constantly robbing Peter to pay Paul in order to put food on the table, you need a bankruptcy lawyer.



Being constantly worried about how you are going to pay the bills is an extremely stressful situation and, if you simply cannot discharge the debts you owe and see no way out,  the law not only provides relief, but gives you the opportunity to make a fresh start. Bankruptcy is a legal proceeding that allows a person or other entity to be declared bankrupt i.e.. they cannot repay the debt that they owe to creditors.  Declaring bankruptcy is not a bad thing. In fact, it may be a very good option because it enables you to continue living your life, free of the crushing burden of debts you cannot repay. You retirement plans can stay intact and, gradually, over the space of a few years, you can rebuild your credit.



Why you need a bankruptcy lawyer...

New bankruptcy laws were approved by the Senate, Congress and the President in 2005, and were passed in order to protect families from often desperate situations.  At the same time, they protect the interests of your creditors, making it important to have an attorney help you to navigate through the process.  Since the bankruptcy proceedings and laws are very likely to overwhelm a lay person, you should work with a lawyer.  Typically, we will first go into details of your particular situation to see if you qualify, then make recommendations for what steps you should take.  After which, the decision has to be made as to what type of bankruptcy filing you want to proceed with.



Types of Bankruptcy Filings

Chapter 7 Bankruptcy

There are essentially two types of bankruptcy cases filed in the US, Chapter 7 being the most common. With few exceptions, this type of bankruptcy wipes out most debts. However, you have to be prepared to give up any assets that are not exempt in your particular state. The usual protected assets include Social Security payments, unemployment compensation and, the limited value of equity in your home, vehicle, household appliances and furniture, tools of your trade, etc.



Chapter 13 Bankruptcy

If you do not qualify for a Chapter 7 bankruptcy, a Chapter 13 filing allows you pay off your debts in monthly payments over a court-approved period of time. This type of bankruptcy reduces the payments you make on unsecured debt, thus providing substantial relief.



We Can Help

As a bankruptcy lawyer, we fully understand how traumatic and distressing financial hardship can be. Not only will we treat you with dignity and respect, but let us use our knowledge of, and experience with, bankruptcy law to help you get back on track.