Bankruptcy- A Fresh Start

Bankruptcy protection has been around since the beginning of our nation. It’s there for a good reason. Due to illness, business setbacks, or other unforeseen life circumstances, it is possible for anyone to find themselves in a position where they owe more money than they could ever possibly pay back.

Creditors can be merciless. They sometimes call relatives, call work, call morning, noon and night. They may seek judgments in court, they may garnish your wages.

Bankruptcy is a way to get a fresh start

Filing for the protection of the bankruptcy court will allow you to get rid of unsustainable debt burdens. The legal term is discharge.

First Steps- The Means Test, Chapter 7 and Chapter 13

Depending on your income, your household size, your debt burden, and where you live, you may qualify for bankruptcy protection under different plans.

Chapter 7 bankruptcy is about discharging debt in a much shorter period of time. Generally, if you qualify, within six months of filing, the court will order that those debts you cannot pay are discharged (no longer legally valid).

Chapter 13 bankruptcy on the other hand, requires you to enter into a court approved plan to pay back a small portion of what you owe over a few years. At the end of the plan, the remaining debt can be discharged.

What determines the Chapter bankruptcy you can file? A calculation called the Means Test. After gathering some basic information from you, your attorney can tell you whether you qualify for a Chapter 7 or Chapter 13 before you make the decision to file.

What is the process like?

Attorney Nicholas Sakalarios can make the process of filing for bankruptcy much easier for you. The following options are available:

*Have your attorney pull all three of your credit reports, as well as search for judgments against you, and include that information in your bankruptcy

*Allow you to enter the information you need to file bankruptcy online via the internet so that you don’t have to fill out multiple paper pages

*Guide you through the required pre- and post- filing credit counseling

*Provide you with a projection of what your credit score will look like up to a year after filing bankruptcy

*Counsel you on how to deal with student loans, domestic support obligations, tax debt, and other priority debts

Contact Attorney Nicholas Sakalarios today for a free consultation about how to get a fresh start through the protection of the Bankruptcy Court!