Bankruptcy Law

Bankruptcy LawMost people fail to realize how common financial problems are and what rights they have available to them. Many Americans file bankruptcy at least once in their lifetimes. Although the process can be complicated, retaining counsel when filing for bankruptcy can immediately help put things in order. Your initial consultation with The Bankruptcy Law Offices of Ronald I. Chorches starts with an investigation of your financial challenges and a discussion of your options.

Will Bankruptcy Get Rid of my Debts?

Bankruptcy attorneys can stop creditors from harassing you, allowing you time to breathe and recover your financial footing again. Bankruptcy’s legal process is designed to help people and businesses reduce or eliminate their debt entirely. This action is done under the court’s protection. The court determines how the debts must be repaid, if at all. In some cases, bankruptcy isn’t the right option. In those situations, debt settlement might be more beneficial.

What is the Difference Between Chapter 7 and Chapter 13 Bankruptcy?

Chapter 13 bankruptcy requires that you pay back your debts. Chapter 7 doesn’t have that same requirement. For that reason, Chapter 7 is a popular option. However, Chapter 13 can be beneficial in some cases, due to eligibility requirements and limitations. Plus, filing a Chapter 7 bankruptcy may mean losing your property.

Our bankruptcy lawyers offer various solutions depending on your unique circumstances. A “means test,” mandated by national bankruptcy law, can show whether you’ll qualify for Chapter 7 bankruptcy. If you earn too much to file Chapter 7 bankruptcy, then filing Chapter 13 is a viable option if you can still afford to pay your debts, but not as quickly as demanded by your creditors.

Chapter 13 bundles your debts so you make a single monthly payment to a bankruptcy trustee. Your trustee distributes those funds to your various creditors. A bankruptcy filing might suspend any foreclosure proceedings against you, but you must still make your mortgage payments as usual.

What is Chapter 11 Bankruptcy?

Chapter 11 bankruptcies are mostly available to businesses instead of private citizens. Chapter 11 allows companies to continue to operate but gives control over significant decisions to the court. The court determines what actions your business can take. You and your bankruptcy attorney must submit a reorganization plan to pay off all obligations in full to the court.

Get Help from an Experienced Bankruptcy Attorney
It may not seem so when you’re facing it, but bankruptcy isn’t the end of the world. Many bankruptcy filers went into debt because of financially overwhelming medical bills or something else that was unavoidable. The bankruptcy attorneys at the Law Offices of Ronald I. Chorches represent people like you, who have simply been confronted with circumstances beyond your control. 

Whatever the financial hardship that has led you to consider bankruptcy, you should know that this legal process provides an opportunity to wipe the slate clean and start fresh. With the help of a bankruptcy lawyer, you can write a new financial future. To discuss your options and find out more about whether bankruptcy is right for you, contact the Law Offices of Ronald I. Chorches to schedule a time to speak with us. We offer free consultations and are looking forward to speaking with you!