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Bankruptcy

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For so many, the word holds connotations of failure, insurmountable debt, and the end of their comfortable lifestyle. The idea of bankruptcy carries an undeserved stigma of an end to all things and personal dreams deferred.

But the truth is that filing for bankruptcy does NOT have to be a financial death sentence!

There is an important, brighter side to bankruptcy that most people have don't realize. In truth, filing for bankruptcy can be beneficial to you, offering you a clean slate from your debts, an end to all collection letters and phone calls, and a chance for you to start over and turn your personal or commercial goals into reality - the right way.

Two of the most useful forms of bankruptcy filing are Chapter 7 and Chapter 13. Either type of bankruptcy could be the right debt relief tool for you (depending on your specific situation), and either can give you the time and breathing room you need so that you can start to rebuild your financial future.

Chapter 7:

Filing for any type of bankruptcy is not an easy decision, and it is wise to have an experienced attorney help you through the process. Before determining if Chapter 7 Bankruptcy is right for you, you'll need to supply your attorney with a comprehensive financial history, including income, expense, asset and debt information. If Chapter 7 looks like the correct fit for you, you will be able to take advantage of the benefits that Chapter 7 Bankruptcy affords you, like allowing you to:

  • Discharge most, if not all, of your debts
  • Keep and protect almost all your personal property
  • Give you immediate relief from lawsuits and garnishments
  • Prohibit creditors, by law, from contacting you regarding collection

Chapter 7 Bankruptcy may be the vehicle that puts you on the road to financial stability.

Chapter 13:

In contrast, Chapter 13 Bankruptcy is a debt consolidation repayment plan that lets you settle your debts on a more realistic time table. Generally lasting 3-5 years, Chapter 13 Bankruptcy depends on a number of factors, including: the type of debts you owe, the property you own, your historical income and your living expenses.

The benefits of filing Chapter 13 Bankruptcy generally include:

  • Retention of all your property while making monthly payments on your bills through your specific Chapter 13 plan
  • Giving you time to cure past-due mortgage delinquencies, if applicable, by paying the arrears in monthly installments through your Chapter 13 plan
  • The stopping of garnishments, lawsuits, real estate foreclosures, repossessions, tax collections and creditor harassment
  • A more individualized and relaxed time table by which to pay a percentage or all of what you owe to your creditors, with the amount you're required to pay based on several variables
  • Reduction or elimination of collection and interest charges from your creditors once your Chapter 13 case is filed
  • And more...

Remember, filing for bankruptcy should never be taken lightly, as it can have far-reaching effects on you, your business and your loved ones. You should always retain the right counsel to guide you through the process step-by-step, giving you advice and insights, protecting your interests, and helping you understand and choose the type of Bankruptcy that best suits your needs.

To get more information on Chapter 7, Chapter 13, or the Bankruptcy process, call the Law Offices of Kimberly J. MacLeod, P.C. at 425-673-6300, and turn bankruptcy into a your new opportunity.