Our law firm specializes in helping individuals and businesses file for bankruptcy, with a track record of over 2,000 successful cases filed under Chapters 7, 13, and 11. Our goal is to give our clients a fresh financial start and alleviate the stress of overwhelming debt.
Bankruptcy is a legal process that provides relief from creditor harassment, lawsuits, garnishments, foreclosures, and repossessions. There are different types of bankruptcy, but the two most common types are Chapter 7 and Chapter 13 bankruptcy.
In Chapter 7 bankruptcy, the debtor’s non-exempt assets are sold or liquidated by a trustee, and the proceeds are used to pay off creditors in order of priority. Secured creditors, such as mortgage lenders or car loan lenders, have a lien on the debtor’s property and are generally paid first. Unsecured creditors, such as credit card companies and medical providers, are typically paid last, and may receive only a portion of what they are owed, if anything.
In Chapter 13 bankruptcy, the debtor enters into a repayment plan that lasts three to five years. The plan provides for the payment of all or a portion of the debtor’s debts. Creditors receive payments from the trustee in accordance with the terms of the plan.
It is important to note that not all debts may be dischargeable in bankruptcy, such as certain tax debts, student loans, and child support payments. Additionally, some assets may be exempt from liquidation or seizure, depending on state and federal law.
Hiring a Bankruptcy Attorney
Whether you should hire a bankruptcy attorney depends on your individual circumstances and the complexity of your case. However, in most cases, hiring a bankruptcy attorney is highly recommended. Bankruptcy law can be complex and confusing, and an experienced bankruptcy attorney has the knowledge and expertise to navigate the process. We can advise you on the different types of bankruptcy available, help you understand your rights and obligations, and guide you through the process from start to finish.
Shanner & Associates can assist with:
- Protection of your rights: An attorney can protect your legal rights throughout the bankruptcy process. They can help ensure that your property is protected to the greatest extent possible, and that your creditors are treated fairly.
- Avoiding mistakes: Filing for bankruptcy is a complex process that involves numerous legal requirements and deadlines. A bankruptcy attorney can help ensure that you file all required documents correctly and on time, and that you avoid mistakes that could delay or even derail the process.
- Negotiating with creditors: If you have significant debt, creditors may be aggressive in pursuing payment. An attorney can negotiate with your creditors on your behalf to help you achieve the best possible outcome.
- Peace of mind: Filing for bankruptcy can be stressful and overwhelming. Hiring an attorney can provide peace of mind, knowing that you have an experienced professional on your side who is working to protect your interests.