Crushing debt may feel like a nightmare, but the federal government has passed laws to allow you the opportunity to get a fresh financial start.
The laws regarding bankruptcy are in chapters. The different types of bankruptcy are referred to by the chapter they fall under in the code, with different codes for specific situations. In 2005, the requirements for bankruptcy were made more stringent, requiring more documentation from both the individual filing and his or her attorney.
We have found that the majority of clients who come to us still qualify for bankruptcy. We are happy to help our clients solve serious financial problems and help them navigate the process of filing for bankruptcy.
The Bankruptcy Process
The entire bankruptcy process is usually completed within 4 – 5 months. At the end of the sequence of actions, you will no longer owe your consumer debt – it will be discharged in chapter 7. Each form of bankruptcy has specific steps to reach the goal of a fresh financial start.
Chapter 7 Bankruptcy
Chapter 7 is a procedure of selling off assets to pay debts, or “liquidation.” At the Matthew F. Lupardo Esq. Law Firm, we are very interested in our clients gaining security through understanding their situation and helping them to achieve confidence in their decisions by being fully informed. It is important that you have legal representation from an experienced bankruptcy attorney to guide you through the process.
When you are facing the possibility of having to sell off your assets to try to satisfy creditors, it can be nothing but a trying time filled with stress, worry, and anxiety. We want you to know that we understand this and the first step to alleviating that fear is information, for you and for us, so that you can clearly see your best choices and we can best assist you. Mathew F. Lupardo Esq. is dedicated to eliminating the mysteries connected with bankruptcy and other debt-relief options, and then helping our clients move forward into a more financially secure position through using bankruptcy laws or other options.
Is bankruptcy the right choice?
Bankruptcy may be the best decision for your situation, allowing you to be free of all consumer debt. Chapter 7 bankruptcy gives you the opportunity for a fresh financial start, and believe it or not, it can often be a streamlined, embarrassment-free process. So however you are looking at your situation, be it the following scenarios or others, you are welcome to contact us:
Serious financial stress with no solutions in sight
Bill collectors constantly after you with no way to handle them
Credit Cards in use to pay for things like groceries and gasoline
Crushing debt and not enough income to keep up
You need to make a fresh financial start
Life After Bankruptcy
Many people don’t realize how much easier life is after bankruptcy. Freedom from the stress of constant creditor calls and letters, and having the money to keep up with your bills, and even save, is an incredible relief for those who have suffered under financial stress for a long period of time.
Benefits of Bankruptcy
One of the most instant benefits of bankruptcy is the “automatic stay” in which creditors are no longer allowed to contact you at all. This brings a great deal of relief to business owners, individuals or families who have been fielding calls from creditors and juggling payments.
Filing Chapter 13: Protecting Your Assets in Bankruptcy
The Matthew F. Lupardo Esq. Law firm does not provide services for Chapter 13 Bankruptcy. When an individual under bankruptcy proceedings is able to keep their house and other assets and pay their creditors according to a payment plan laid out and supervised by the court, they are in a “Chapter 13 Bankruptcy.” There are many other details and requirements for this, such as not having unsecured debt totaling over certain limit, so one should contact an experienced bankruptcy attorney to get the full details.
Making Decisions About Keeping Property
Understanding bankruptcy and the best solution for your problems is an important matter. Cases of fraudulent mortgage lending have come to light in many cases, and if your home was sold to you during the sub-prime mortgage boom, you may have been victimized and not realize it. We can review your loan documents and assist you in a foreclosure defense if this will better serve your interests. It is possible that Chapter 13 is the best solution for your problems. At the end of the bankruptcy, any remaining debt is discharged, and most people only pay a percentage of their outstanding debt when it is final. The process takes 3 – 5 years, based upon the amount of debt involved.
One requirement for filing for bankruptcy is the means test. This test is the determining factor in whether you will be able to file chapter 7 or chapter 13. Many people try to deal with it on their own, make errors and then face a denial, a delay or can even face legal action if it is thought that you have fraudulently moved assets to avoid losing them. We can assist you with every step of the bankruptcy process, including the means test.
You have consumer rights that protect you against creditor harassment or abuse. These rights are in both federal and state law, and any firm that violates them could be forced to pay you damages. If you are being harassed or abused by a collection agency, we know exactly what to do to bring it to a stop.
Bankruptcy vs. Debt Consolidation
There are options in debt-related problems other than filing for bankruptcy. In some cases, debt consolidation can resolve the difficulties and allow you to avoid filing for bankruptcy. Bankruptcy also has some great benefits, and making a decision can be difficult. We can help by analyzing your financial situation.
Eliminating Second Mortgages
You may have a second mortgage on your home, and now your property has plummeted in value. When a second mortgage is no longer secured by the value of the property, it may be possible to eliminate it through bankruptcy, often termed “mortgage stripping.”
Why Hire Us
Why should you hire our firm above others in the area? In the recent economic downturn, many law firms are starting to work in this area of the law. We have been involved for years and are very experienced, as well as personally compassionate and have a real interest in you, your family and your financial future.
What Every Person Considering Bankruptcy Needs to Know
If you are considering filing for bankruptcy, there are certain critical issues that you need to know before proceeding. Our firm can advise you of all the vital information so you can make a decision based upon accurate information.
Looking for a West Palm Beach Foreclosure Defense Lawyer?
Call The Matthew F. Lupardo Esq. Law Firm today at (561) 204-2988 for an informative and comprehensive consultation on how The Lupardo Law Firm can help you.