You know that you’re having serious financial troubles, and it’s becoming increasingly apparent that they’re not just going to resolve themselves. When your creditors and debt history threaten to drag you to the bottom, filing for bankruptcy might be the best way to keep your head above water. Golden Law LLP is here to help you chart a course to safer shores.
Bankruptcy Law Is Complex: We Make It Easier to Leverage
The law provides various mechanisms designed to aid debtors. Bankruptcy is a form of protection that lets you resolve what you owe responsibly even if you can’t pay everything off as fast as your creditors demand. Filing with the help of our legal advisers may let you leverage benefits that include:
- Temporarily preventing your creditors from trying to get you to pay,
- Coming up with a payment plan that’s appropriate for your income, or
- Restructuring your debt so that your business survives.
How Does Bankruptcy Work?
When you file for bankruptcy, you let the court know about your financial status by sharing detailed records of your assets, debts and other information. A judge then decides whether you’re eligible for bankruptcy protection.
There are various forms of bankruptcy, commonly known as chapters. With Chapter 7, for instance, you turn certain personal assets over to a trustee who sells them to pay as much of your debt as possible. Chapter 11 lets businesses reorganize to pay off their debt without having to shut down. Chapter 13 allows wage earners to come up with plans that give them between three and five years to repay their creditors.
In addition to filing the correct paperwork, you may also need to go before court officials and answer questions about your situation. You might face resistance from creditors who disagree with your proposed repayment plan. Having legal assistance could make these hurdles easier to surmount so that you can enjoy the benefits of a fresh start.
Knowing the Law Is Key
Bankruptcy law has many stipulations and details that determine your eligibility. For example, if you previously filed but failed to show up for your court date, then you might be prohibited from filing again for 180 days. Options like Chapter 13 are limited to individuals whose secured and unsecured debts are below certain limits. Some people have to attend approved debt counseling before being granted bankruptcy protection.
Each case is unique, so it’s critical to manage yours properly.
At Golden Law LLP, we’ve got the knowledge required to help you move forward with a more informed perspective. We work hard to help you benefit from the protections you deserve.
Whether your case merely involves a straightforward filing or out-of-court negotiations with creditors, we can help you identify an action plan that makes it easier to pursue financial relief. Talk to one of our legal staff members today to learn whether bankruptcy is right for you.