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Is Bankruptcy The Right Debt Relief Option For Your Circumstances?

Filing for bankruptcy can seem like a last resort – intimidating and embarrassing – option for many people. But when you are having financial problems, bankruptcy may be the most practical debt relief solution.

While the nation struggles through unprecedented unemployment, retail prices and utility rates remain high. Obligations for student loans, taxes and child support payments must be met. There are myriad other reasons individuals and families are struggling with debt: divorce, sudden illness, death of a family member, accident injuries and other medical traumas.

Surmounting bills are stressful. Federal bankruptcy laws provide individuals and business owners an opportunity to seek relief from the stress of overwhelming debt by filing Chapter 7 or Chapter 13 bankruptcy. Call Lemons Law at 919-891-8983 to discuss whether bankruptcy is the right option for your circumstances.

Seeking A Clean Slate From Debt

At Lemons Law, our attorneys handle two types of bankruptcy filings: Chapter 7 and Chapter 13. What is the difference? Chapter 7 bankruptcy affords a debtor with a complete discharge of all dischargeable debt under the federal bankruptcy code. This includes most debt such as from credit cards, medical bills and loans. Debt from outstanding child support, judgment liens, and student loans is usually not dischargeable under Chapter 7 bankruptcy. Exceptions may apply.

Chapter 13 bankruptcy, on the other hand, is considered a “wage-earners plan.” If a debtor is receiving a regular income, he or she may be eligible to file under Chapter 13 of the Bankruptcy Code. This type of bankruptcy allows a debtor to pay back some or all of their debt, and, in some cases, it can be a means to assist the debtor in reestablishing credit.

For both types of bankruptcy filings, there are prefiling requirements that can make filing on your own challenging. There are also some restrictions on filing bankruptcy that you should be aware of prior to filing. Bankruptcy is a process that requires that you disclose everything about your debts and assets, and you must not have filed within the last eight years, among other requirements. If you are considering filing for bankruptcy, it is best to consult with an attorney to determine for which, if any, bankruptcy type you may be eligible.

Contact Us For Personalized, Compassionate Help With Bankruptcy

At Lemons Law, we personally prepare your bankruptcy petition and necessary documents for filing bankruptcy for you or your business. We have automated solutions that streamline the process and make it as simple as possible. We ask you all the questions to ensure that we include the information the court needs in your case.

Call us at 919-891-8983 today so we can assess your debt relief needs. You may also reach out to us online. We provide a free initial consultation for those inquiring about bankruptcy.

The Lemons Law Firm, PLLC, is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.