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| Bankruptcy |
General
Overwhelming consumer debt can be extremely stressful for individuals, families and businesses. Bankruptcy is a legally declared inability or impairment of ability of an organization or individual to pay his/her creditors and is governed by bankruptcy law. The purpose of the United States Bankruptcy Law is to allow a debtor, who is unable to pay his/her creditors, to develop a plan that provides a fresh start. Bankruptcy law prevents creditors from attempting to collect, including pursuing a Judgment, garnishment of wages or seizure of certain types of property.
When looking for a Bankruptcy lawyer, you can be assured that the Law Offices of Edward P. Graham, Ltd. has experience in representing individuals in bankruptcy proceedings, including protecting those individuals from creditors and collection agencies.
Chapter 7 Bankruptcy is the most common form of bankruptcy filing for individuals or families. A filing under Chapter 7 is often called straight bankruptcy or liquidation. Under Chapter 7, the debtor converts their assets and/or property to money. The property or assets are sold and after declared exemptions, the proceeds are used to pay creditors. There may be exceptions to discharge, including child support obligations, most taxes, student loans, and fines or restitution imposed by a court for any crimes committed by the debtor. Secured debts, such as car loans and house mortgages may also not be discharged. Under new rules adopted through the 2005 Bankruptcy Reform Act, it is now harder to qualify for Chapter 7 Bankruptcy. However, if your debts consist mostly of credit cards, medical bills and other unsecured debts, and you pass the “means” test, then Chapter 7 may be the best option for you.
The Law Offices of Edward P. Graham, Ltd. has the experience necessary to address your financial problems effectively under the bankruptcy law. Call our office to schedule an initial consultation with an experienced Bankruptcy attorney who will discuss with you the bankruptcy law, options and strategies that are available.
Chapter 13
A Chapter 13 proceeding petition allows individuals to reorganize or restructure their debt rather than eliminate it. Additionally, a Chapter 13 Bankruptcy Plan enables the debtor to keep certain assets that otherwise might be sold and liquidated under Chapter 7. A Chapter 13 Bankruptcy Petition is advantageous when a debtor has too much income to qualify under Chapter 7 or they have a large amount of non-dischargeable property. Individuals who file for Chapter 13 relief are required to pay a portion of their debt to their creditors. The process is designed to allow the debtor to use future income to pay off creditors and is completely supervised by the court.
Hiring an experienced Bankruptcy attorney will ensure that your interest in assets and income will be protected. Contact the Law Offices of Edward P. Graham, Ltd. to schedule an initial consultation for a more detailed discussion of your options.
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