Millions of Americans file bankruptcy every year, and for nearly every one of them, it was the last resort as their finances spiraled out of control. No one wishes to be in this position, but if you have exhausted other methods to handle debt, it is a sensible route to explore. The Law Firm of Robert P. Laney is here to help you navigate the complexities of bankruptcy, determine if it is the right solution for you at this time, and help you take the necessary steps towards a more secure financial future.
What Do You Need to Know About Bankruptcy?
We know you have many questions. Our experienced team is here to deliver concise answers for you:
- What Is Bankruptcy?
A: If you are unable to pay outstanding debts, bankruptcy can help you gain a fresh start. Depending on the type of bankruptcy you file, you can resolve eligible debt or create a repayment plan.
Q: What Are the Types of Bankruptcy?
A: There are different chapters or types of personal bankruptcy. Briefly: Chapter 7 allows you to liquidate all of your non-exempt assets to pay creditors. After these funds are exhausted, your debts are discharged. Chapter 13 is used when an individual has regular income; here, you create a plan to repay debts within 3 - 5 years, and it can help you preserve key assets (e.g. home, car).
Q: Does Bankruptcy Eliminate All of My Debts?
A: No. There are some debts that can not be discharged through bankruptcy, including child support, many tax debts, spousal support, and, in most cases, student loans.
Q: Should I File Bankruptcy?
A: This is a very personal question, and the answer depends on your specific circumstances. If there are alternatives, it is best to pursue those first. If not, consult with a bankruptcy lawyer to learn about your options.
Q: Do I Need an Attorney to File Bankruptcy?
A:. No, according to the law, you may do so on your own. However, it can be invaluable to have experienced counsel on your side so you are fully aware of your rights and responsibilities as you move forward with the process.
These questions are only a few of the many that may be on your mind as you contend with crushing debt. Please do not hesitate to contact Robert P. Laney to learn more about your options, the pros and cons, and the next steps as you work towards a better financial future. We can help.