A Smyrna bankruptcy attorney can help you decide if bankruptcy is right for you
Bankruptcy is a frightening and often overwhelming concept for those who are struggling under serious debt. Perhaps you are in this situation due to the loss of your job, a serious injury, or an underwater mortgage. Whatever the case may be, you only have so much time to repay your default before you are forced to come to a decision. This decision is extremely important, so make sure you choose the right option by acquiring qualified advice from a Smyrna bankruptcy attorney at Cherney Law Firm LLC.
Since 2006, I have provided excellent and skilled representation for clients in more than 2,000 bankruptcy cases. Such extensive experience has provided my firm with the resources and knowledge necessary to answer any bankruptcy question an individual may have.
Advising and assisting them through the bankruptcy process, my clients can rest easy knowing that I will do everything I can to take adequate care of them. Learn more about bankruptcy today through a free case evaluation. Cherney Law Firm LLC can provide counsel and representation for you in any area of bankruptcy law, so call today!
When considering bankruptcy, it is important for an individual to know the differences between Chapter 7 and Chapter 13 to ensure that they pursue the most beneficial option. First they must take a means test in order to find out which kind of bankruptcy they are eligible for. A means test deducts a person’s monthly living expenses – food, clothing, travel, etc. – from their monthly income to determine their whether or not they can afford to repay their loan.
If their income is below the state average, Chapter 7 bankruptcy is likely the best course of action to take, since it allows a person’s debts to be discharged. Having a high enough income could allow an individual to file under Chapter 13 and catch up on their default over the next three to five years. After this allotted time their remaining balance may also be discharged. This is a common decision made by those who have been threatened with foreclosure.
It is important to note that there are several alternatives to bankruptcy that may be better suited to an individual who is in debt. One such alternative is debt negotiation, also known as debt settlement. With the representation of a skilled attorney, a person could negotiate with their creditor or lender to have the amount of their debt reduced to make it more affordable. This could be done through monthly payments or by paying a lump sum for the reduced principle amount. The goal is to discharge your debt without having to suffer any further damage to your financial health.
Contrary to popular belief, life after bankruptcy does not have to be full of hardship. Filing for bankruptcy will immediately halt all collection attempts by harassing creditors, and bankruptcy exemptions could allow you to keep things such as your car or your furniture. There are also many benefits of bankruptcy such as relief, peace of mind and financial freedom that make the process very worthwhile in the end. Learn how these benefits could be applied to you and your situation by consulting with a bankruptcy lawyer as soon as possible.
If you are being overwhelmed by your debt, discuss your options with my firm today. By filing for bankruptcy, you may be able to achieve the financial relief that you’ve been dreaming of. I have handled thousands of cases since 2006 and am prepared to help you decide on a course of action and pursue the best type of bankruptcy for your case. Call my firm today for a free consultation!