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Financial burdens are common in many families today because they owe too much money to credit cards and banks. Also, the pandemic hit the U.S., and many lost jobs or had to close their business. If you're one of these unfortunates, filing bankruptcy may help you and your family or business start with a clean slate.
Depending on your circumstances, bankruptcy may be able to help with the following:
Some people believe filing bankruptcy will ruin their credit. In reality, filing for bankruptcy will give you a fresh start so you can start rebuilding your financial situation right away. Moreover, if you do so carefully this time, you could even reestablish yourself as an ideal candidate for loan approval.
After all, creditors don't know whether you're working off your debt or not; they only see the balance. Ironically, bankruptcy clients receive credit card offers from lenders after filing for bankruptcy!
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Congress created bankruptcy law to help people struggling to pay their bills get back on their feet again. But unfortunately, the law is not working for many of those who need it most. The number of Americans filing for bankruptcy has risen steadily since the Great Recession began in 2007.
When considering declaring bankruptcy, it's necessary to know the different types. An experienced bankruptcy lawyer, like Paul, will tell you whether you must file for Chapter 7, Chapter 11, or Chapter 13 bankruptcy.
In a Chapter 7 bankruptcy, you'll sell assets and use those funds to repay your creditors. You won't lose any property during the process, but you might have to sell some items to raise cash. This type of bankruptcy is quick and easy. However, if you don't have enough money to pay off your debts, you may be forced into a Chapter 13 bankruptcy instead.
A Chapter 11 bankruptcy filing occurs when no asset can be sold to pay off creditors. Suppose the court decides that the debtor has no reasonable chance of successfully reorganized under Chapter 11. In that case, it may choose to dismiss the bankruptcy case. Filing Chapter 11 can help to stop the repossession of your property.
Filing Chapter 13 bankruptcy is done when you have considerable debt and can't pay it off. Chapter 13 bankruptcy allows you to repay your creditors over three years at a lower rate than what you normally pay. As your bankruptcy law attorney, Paul will submit a proposed payment plan within 15 days of filing for bankruptcy. This payment plan is modifiable as often as every 30 days.
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If you own a small business and can't afford to pay your debts, you have the option to file for Chapter 11 bankruptcy. Filing Chapter 11 allows the reorganization of an existing business. Your first step is to contact Paul N. Mirabelli, a small business bankruptcy attorney. Paul will help you determine whether it's right for your company to file for bankruptcy. Then, if you choose to declare bankruptcy, he will prepare and file all the necessary paperwork so your business can get a fresh start.
The following are some questions that creditors or other parties involved in your case may ask:
You must seek the advice of an experienced bankruptcy law firm like Paul N. Mirabelli, Esq. Paul will tell you which types of debt you can face if you decide to declare bankruptcy. He'll also offer personal financial planning tips based on your specific circumstances.
Bankruptcy law attorney Paul N. Mirabelli is here for you. He'll give sound advice, help guide you through the proceedings, and ensure your rights are protected. If you need help with the bankruptcy process or want to discuss your options, call Paul N. Mirabelli's office at (732) 733-2830.
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