Bankruptcy may not seem like an easy process, but it may prove to be the most beneficial means of providing you with the debt relief and financial stability you need. The U.S. bankruptcy code has evolved over the years to address the widespread American debt problem, and the various legal actions that you can take were developed to benefit you, not to unfairly punish you for falling victim to unfortunate circumstances.
No matter the nature of your financial situation or the scope of your debt, it is always wise to seek experienced and knowledgeable advice about what you can do to improve your economic well-being. McCormick & Calderon can provide you with that advice by helping you learn valuable information about managing your debts and by working hard on your behalf to expedite legal proceedings so that you can begin a new financial future. If you are considering bankruptcy, our firm can assist you with any of the following actions.
Do I qualify for bankruptcy?
There are many factors that determine a person's eligibility for bankruptcy and which chapter to choose when filing. An experienced bankruptcy attorney from the firm can help determine if you qualify for bankruptcy and understand your available options and how they will impact your financial situation.
Benefits of Bankruptcy
Bankruptcy is typically thought of as a negative experience and choice, but the truth of the matter is far different. Bankruptcy can allow you to put your financial stresses behind you and move forward with a new, fresh start.
Chapter 7 will also allow for the discharge of certain unsecured debts. The nature and scope of Chapter 7 actions depend heavily on the personal circumstances and financial situation of an individual. Chapter 7 can be a complicated matter to deal with and requires the attention of a qualified bankruptcy lawyer.
Sometimes referred to as the wage earner's plan, Chapter 13 can provide individuals with a steady income to create a plan that will allow them to adjust and consolidate their debts and make payments over a period of time. There are many factors that determine eligibility, the length of the plan, and the specific effects this chapter of bankruptcy will have on your debts.
Differences Between Chapters 7 and 13
There are several important differences between Chapter 7 and Chapter 13 bankruptcy. Depending on the personal and financial circumstances involved, each chapter can include distinct benefits and advantages for consumers.
Alternatives to Bankruptcy
Before initiating any serious legal action or bankruptcy proceeding, it is important to consider all available options. Alternatives such as credit counseling, out-of-court arrangements, and assignments for the benefit of creditors can be beneficial options that allow you to avoid a formal bankruptcy.
There are many myths and misconceptions about the bankruptcy process. Trusting illegitimate sources and following the advice of incorrect or false statements can lead to serious mistakes. It is important that you know the facts; discuss your situation with legal counsel.
Life After Bankruptcy
By providing individuals with the opportunity to start fresh without the discouraging pressure of debt, life after bankruptcy can be a positive journey. Organizing finances, strategically rebuilding credit, and relying on well-informed preparation can all lead to financial stability after bankruptcy.
The Bankruptcy Process
Full of obscure legal concepts, terms, and dense legislation, the bankruptcy process can be highly complex and easily frustrating. Understanding the basic procedures and working with a qualified attorney can help alleviate your worries about the bankruptcy system.
Working with McCormick & Calderon
At McCormick & Calderon, our experienced and attentive attorneys will keep you involved throughout the entire bankruptcy process. Our focus is to clarify and explain any of the legal work, legislation, and repercussions inherent to any of these actions. We will work closely with you to evaluate your current financial situation and can help set you at ease by immediately and accurately addressing all of your questions and concerns. You goals and opinions matter, and by working with our knowledgeable, dedicated, and affordable legal team, you can begin the process of straightening out your finances and working toward a debt-free future. Contact our firm today.