Bankruptcy Law

The purpose of the bankruptcy process is to provide relief to those who find themselves with a level of debt that results in a severely negative impact on their life or their business. Bankruptcy allows someone to stop the harassing calls and letters from creditors and to get back to living their life to the best of their ability. It also limits the impact on their families and/or their business. I know how to help clients use the bankruptcy system to make life easier and to get a fresh start.

There are two types of bankruptcy available for individuals:

  • Chapter 13 reorganization allows an individual to restructure their debts and pay them back over time in a way that fits within their income level. If the client has a number of assets they wish to protect, then this is the best choice.
  • A Chapter 7 bankruptcy allows for the liquidation and the complete elimination of most debts. Upon discharge, the trustee wipes out most of your debt. This is usually the best option for people with a lot of unsecured debt and little to no income, however, if you file for Chapter 7 then you are required to undergo a means test. If they have a reasonable level of income, the trustee may force them into a Chapter 13.

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At my law firm, I understand the ins and outs and the pertinent details of the bankruptcy process. For example, although the Chapter 7 process will discharge most of your debts, you will also agree to liquidate most, if not all, of your assets. Also, some debts, such as student loans, cannot be discharged. Also, you may have to continue to make payments on certain properties with a lien attached. If the bankruptcy court determines that you can pay a significant portion of your debts, they can move you into a Chapter 13 and set up a payment plan for either three to five years.

There is a lot to consider even before filing a bankruptcy petition. There is much to plan for even before you fill out the copious amounts of paperwork that must be completed before, during and after the bankruptcy. You have to list every single creditor and every asset, including those items you don't want to include in the bankruptcy. Failure to do some things can result in the entire case being thrown out and you having to restart the process. There is a lot to do and you should have competent legal counsel by your side as you do it. I have the knowledge, experience and skill to make sure all details are attended to and that you receive the best possible outcome.

The Biondi Law Firm Can Help You Stop the Creditor Harassment

Bankruptcy can represent a great step in getting out of debt and living your life. However, doing things right the first time means hiring an attorney who is experienced and knows the ropes. The right attorney is an essential part of the process. I can guide you through the bankruptcy process in a way that relieves you of your debt burden and makes you feel better about things once again.