How Could Bankruptcy Law Change Your Life?
Filing for bankruptcy is an appealing option for many individuals, families and businesses. When your ability to pay off debts falls significantly short of what you owe, bankruptcy can offer much-needed relief. At Bedrock Legal Group, it’s our top priority to help you leverage the full potential of bankruptcy.
Is Bankruptcy Right for Your Situation?
Different forms of bankruptcy can help you eliminate or reduce outstanding obligations. There are also numerous federal regulations that are designed to protect your rights during and after you file. Although bankruptcy laws and procedures may seem complicated at first, the Bedrock Legal Group team specializes in guiding you safely through the process.
Satisfying the Filing Requirements
Filing for bankruptcy isn’t simply a matter of making a request. To gain bankruptcy protection, you’re required to submit a formal petition and pay certain predetermined fees.
Your petition needs to adhere to a specific format and include detailed information like:
- Sworn creditor statements that enumerate your debts,
- The nature and value of any assets that you own, and
- Your income and expenses.
Once your petition has been submitted and accepted, you’ll be assigned a date for a court hearing. At this time, the court will conduct a rigorous assessment to determine whether or not to grant you protection, so it pays to have professional filing assistance.
Which Form of Bankruptcy Should You Seek?
In the U.S., most individuals and businesses in pursuit of relief file for Chapter 7, Chapter 13 or Chapter 11 bankruptcy.
These bankruptcy filings involve liquidation. In other words, any property you own that isn’t exempt will be turned over to a trustee who sells it to pay your debts. Even if the sale proceeds don’t fully cover the total outstanding debt, your creditors have to accept what they receive and stop trying to collect from you. Depending on your situation, property like homes, vehicles, household goods and clothing may be exempted from the sale.
Chapter 13 filings let you pay off your debts according to a predetermined three- or five-year plan. Your plan may also modify obligations like education or vehicle loans to provide you with relief. Payments are usually monthly.
This is similar to Chapter 13 filing, but it’s targeted at struggling businesses. By filing after you become insolvent, or unable to meet your debts, you can keep your business alive and handle your obligations responsibly.
Your bankruptcy eligibility depends on numerous factors, including whether and when you previously filed and the nature of your debts. Bedrock Legal Group makes it easy to understand the nuances and increase the chances that a court will accept your case.
Avoid errors that might jeopardize your filing. Ensure that you’ll gain the maximum protection. Get in touch with Bedrock Legal Group now for a complimentary consultation.