Surviving Bankruptcy: Your Guide To Financial Freedom

A Bankruptcy Attorney Is On Your Side

If you are facing the prospect of financial insolvency, it is easy to feel hopeless and alone. Millions of Americans every year are struck by hardship and forced to undergo the embarrassing prospect of filing for bankruptcy. Should you be placed in such dire straits, however, do not despair! With the help of an experienced legal professional it is possible to resolve your financial woes with a minimum of fuss and begin the process of starting over right away! By filing for bankruptcy, you can get a new lease on life and throw off the burden of your debt. It all begins when you choose to file for either Chapter 7 or Chapter 13 bankruptcy protection.

Chapter 7: Liquidation

If you are facing severe debt and possess little or no hope of paying it off through normal means, there is hope on the horizon! With the help of a skilled attorney, you can file for Chapter 7 and undergo a process known as asset liquidation. During this process, your creditors will no longer be allowed to contact you or harass you with attempts at collection, prevented by court mandate. Over the next several weeks or months, your assets will be catalogued and, with the exception of certain exemptions such as your home and any tools you require for your job, sold off the repay your creditors.

This is often the ideal solution for those without a steady income or a great deal of valuable possessions. Once the ordeal is finished, the remainder of your debt will be waived and you will be free to start a new life!

Chapter 13: Debt Restructuring

For many clients, however, the liquidation process may not be ideal. If you do have a steady job that provides a regular source of income, or if you own assets that you do not wish to have seized by the courts, Chapter 13 may be the better solution. Under this filing, your income will be calculated by a trustee, as well as the amount of your outstanding debts. Once this is complete, the trustee will draw up a plan, usually taking three to five years, which allows you to combine your debts into one monthly payment that lies within your means. At the end of this plan, any outstanding debts will be waived and your creditors are considered officially satisfied.

Bankruptcy Protection Is A Phone Call Away

If you are burdened by the crushing weight of debt, do not go another day without the help of a trained legal professional! At Bruce Bridgman's Law Offices, our legal team is dedicated to protecting you from your creditors and guiding you back to the path of financial solvency!