If you are experiencing financial trouble and are drowning in debt, you may feel overwhelmed. Often, unexpected changes in life such as a job loss, divorce, illness, injuries, and accidents may lead to bankruptcy. Understanding how to navigate through your financial situation is difficult and debilitating. Filing for bankruptcy may be the “fresh start” you need. Filing for bankruptcy may not be ideal, but it is quite common. In fact, many notable celebrities, businessmen, and political figures have sought bankruptcy relief as a solution to their own financial troubles. People are able to effectively control their debt and overcome their financial struggles while maintaining good credit after filing bankruptcy. Mava Law will analyze your finances taking your debt, income, and expenses into consideration and determine whether filing for bankruptcy is the appropriate course of action.
How Mava Law Can Help
- Analyze your financial situation
- Determine whether filing for bankruptcy will meet your financial goals
- Determine the type of bankruptcy we will file for you
- Eliminate debt from credit cards, medical bills, etc.
- Stop creditors from attempting to collect your debts through phone calls and letters
- Prevent foreclosure and wage garnishments
- Protect your property, car, and other personal belongings
- Help restore your credit
As experienced bankruptcy lawyers, the attorneys at Mava Law will prepare a petition for filing in Bankruptcy Court. This petition demonstrates to the Court the debtor’s financial information, including all assets, debts, creditors, monthly income, and monthly expenses as well as the names of all creditors. Once the petition is filed, the Bankruptcy Court grants an automatic stay, which prohibits any and all creditors from harassing the borrower.
If filing for bankruptcy would improve your financial situation, there are a number of options from the Bankruptcy Code that may be applicable to your case. Choosing whether liquidation or a repayment plan is suitable depends on your financial situation and the types of debt you have.
- Chapter 7 of the Bankruptcy Code is known as “liquidation bankruptcy” resulting in a complete discharge of unsecured debt.
- Chapter 11 contemplates a repayment option for allowing corporations, partnerships, and sole proprietors to operate while paying back creditors.
- Chapter 13 establishes a repayment plan in which individuals with enough income may repay their debts over a three to five year period. Chapter 13 attracts those whose problems may be the demands of the creditor, rather than a lack of income. In this scenario, the individual is able to repay a percentage of their debt. It also allows a borrower in financial strife to keep their home provided monthly mortgage payments are satisfied.