Dealing with financial problems can be draining, physically, mentally, and emotionally. There’s not enough money to make ends meet… and even worse your getting phone calls from creditors day and night and even at your job. Some of these creditors can be downright aggressive and nasty demanding that you pay them money that you simply do not have! The longer it goes on, the worse you feel. Sooner or later, something must change. Get help from an experienced bankruptcy firm.
M.P. Morris Law Firm helps families take full advantage of their rights to bankruptcy protection and assists them in regaining control of their financial future. The decision to file bankruptcy is not something that should be taken lightly. It requires that you complete complicated forms and sign them under the penalty of perjury. M.P. Morris Law Firm will navigate you through the complex path of bankruptcy. We are here for you every step of the way!
What can bankruptcy do for you?
- Medical Debt- The ever-rising cost of health care has skyrocketed over the last few years and when medical problems result in a person becoming disabled, the effect on one’s finances can be devastating. Even with health insurance coverage, the average disability payment is not nearly enough to cover average living costs, let alone medical bills and other expenses. Bankruptcy can assist consumers in resolving the overwhelming expenses so that you can obtain a fresh new start financially!
- Tax Debt- Many people think that tax debt is not dischargeable in a bankruptcy case. Some Federal Income Tax Debt can be discharged, and some can be reduced significantly or paid overtime. If you have tax debt, you probably also have other types of debt which can also be addressed and potentially discharged in a bankruptcy.
- Lawsuits- Many clients often come to us once they are served with documents from a Creditor that is suing them for default. In most of these cases, lawsuits are stopped with the bankruptcy is filed and the debt discharged.
- Foreclosure- Bankruptcy can stop your mortgage company from foreclosing on your home and help get you back on track with your payments.
- Repossession- Bankruptcy can also stop your automobile lender from taking your vehicle if you are behind on payments. Bankruptcy will give you an opportunity to get those payments caught up and allow you to keep your vehicle in most cases.
Chapter 7 Bankruptcy
A Chapter 7 Bankruptcy is for individuals and couples who are having financial difficulties preventing them from paying their debts, and who are willing to allow their nonexempt property to be used to pay their creditors. The primary purpose of a Chapter 7 Bankruptcy is to have your debts discharged. The bankruptcy discharge relieves you after filing bankruptcy from having to pay many of your pre-bankruptcy filing debts. Exceptions exist for debts, and liens on property may still be enforced after discharge. For example, a creditor may have the right to foreclose a home mortgage or repossess an automobile.
However, if the Court finds that you have committed certain kinds of improper conduct described in the Bankruptcy Code, the court may deny your discharge of debts.
You should know that even if you file a Chapter 7 Bankruptcy, and receive a discharge, some debts are not discharged under the law. Therefore, you may still be responsible to pay them. Those Debts include, Most taxes, Most Student Loans and domestic support and property settlement obligations.
**Income Limitations do Apply***
Chapter 13 Bankruptcy
A Chapter 13 Bankruptcy Plan is for individuals who have regular income and would like to pay a portion or all their debts in installment payments over a time period and to discharge some debts that are not paid. You are eligible for a Chapter 13 only if your debts do not exceed a certain dollar amount set forth under 11 U.S.C. §109.
Under Chapter 13, you must file with the Bankruptcy Court a plan to repay your creditors all or part of the money that you owe them, usually using your future earnings. IF the Court approves your plan, the court will allow you to repay your debts, as adjusted by the plan, with a 3 to 5 years’ time frame, depending on your income and other factors.
After you make all plan payments under your plan, many of your debts are discharged. The debts that not discharged and that you may still be responsible to include are as follows:
1) Domestic Support Obligations (Alimony/Child Support)
2) Student Loans
4) Debts for fraud or theft
5) Debts for fraud or defalcations while acting in a fiduciary capacity.
6) Most criminal fines and restitution obligations
7) Certain Debts for acts that caused death or person injury to someone.
8) Certain long-term secured debts
Call us today to schedule your FREE Bankruptcy Consultation with a Bankruptcy Specialist!