Bankruptcy Attorney Laura Margulies & Associates LLC offer debt solutions for anyone who is considering a bankruptcy claim. This team of lawyers will present you the opportunity to take control of your finances. By filing a bankruptcy claim you have the chance to stop harassing collection calls while you determine which solution meets your financial needs. You may contact Bankruptcy Attorneys Laura Margulies & Associates LLC to discuss possible debt solutions.
Reviewing Your Options
Bankruptcy is only an option if you do not have access to other debt consolidation options. If your credit rating is poor, you are more than likely unable to acquire financing for debt-relief. In this case, a bankruptcy claim is a viable choice for you. After explore all debt-relief options, you may choose to schedule a consultation with a lawyer who handles bankruptcy claims.
Which Bankruptcy Selection Meets Your Needs?
Chapter 7 bankruptcy allows you to keep your home and vehicle. These debts are included within the bankruptcy in most cases. Some credit card debts are discharged through this option. However, the decision to discharge any debts listed within a bankruptcy is solely up to the judge presiding over the case. Most government loans, child support, and property taxes are not discharged through Chapter 7 bankruptcy. If you are a business owner this chapter of bankruptcy consists of liquidation of your assets to settle debts.
The Chapter 11 bankruptcy process appoints a trustee to reorganize your debts. If you are a business owner this may be an appealing option for you as it will allow you to retain control of your business. This form of bankruptcy prevents any litigation attempts filed against you or your company associated with debts. The trustee appointed to your case will produce a reorganization plan for settling your debts. This plan requires the judge’s approval before the plan is put into action.
Chapter 13 bankruptcy is an option for anyone who possesses extensive debts. Within this chapter of bankruptcy, you have the option to produce a repayment plan that cannot exceed five years. You are required to generate a list of your debts and establish options for you to settle these debts within the designated time allowance.