Bankruptcy

Hard times don’t discriminate. They don’t see color, won’t recognize age and ignore gender.

Make no mistake; in today’s turbulent economy hard working individuals and families can find themselves adrift in a financial storm that shows no signs of ending. Medical bills, consumer debt and basic cost of living expenses can cause continuous worry and can cost a person countless hours in lost sleep.

But you are not alone during these tough times and the Harrison Law Office (HLO) wants to provide you and your family safe passage through the storm. HLO wants to protect your rights.

U.S. Bankruptcy laws exist to help people like you – individuals who go to work and pay their bills, but one day wake up and realize there is more on your plate than you can handle. Layoffs, factory closings, an unexpected illness and caring for a sick loved one can easily disrupt a person’s life. It happens to everyone and the trained lawyers at HLO are here to help you take the first steps in regaining control of your financial well-being.

Bankruptcy Options

There are primarily four major options in which a person or corporation can seek bankruptcy relief. Chapter 7 pertains to the total liquidation of individual or corporate debt, Chapter 11 concerns large and small businesses, as well as large individual consumer reorganization, Chapter 12 is geared towards the reorganization of family farms and Chapter 13 addresses individual reorganization.

Chapter 7

Chapter 7 is known as “straight bankruptcy,” in that the debtor is able to discharge “unsecured debt,” such as credit card debt and medical bills. If the debtor has “secured debt,” i.e. debt in which the creditor has some identifiable collateral, he is given the option of reaffirming the debt or surrendering the collateral.

If a debtor chooses to surrender his collateral and there remains a balance on the account, such debt can be discharged as a deficiency.

If you are facing foreclosure or wage garnishments, you need to act fast and contact HLO immediately.

 

Chapter 13

Unlike Chapter 7, Chapter 13 does not liquidate debt. Instead, it restructures your debt so it can be paid off in three to five years.

This type of bankruptcy is favorable to debtors who have non-exempt assets they wish to keep and have an income that can sustain their cost of living while paying off their debts.

Under a Chapter 13 bankruptcy, once a debtor files his petition and Chapter 13 plan, all payments will be made to the Chapter 13 trustee. Rather than having a wage garnishment, which has negative connotations, the trustee will issue a wage order and the agreement amount will be deducted from your pay check as would any union dues or healthcare costs.

Chapter 13 is a great way to save your home from foreclosure or prevent the repossession of your car. Once a Chapter 13 is filed, all foreclosure and repossession is STOPPED! But time is crucial if you are presently facing such actions.

Contact HLO to find out whether Chapter 13 might be a viable option is repairing your financial situation.

Changes in Bankruptcy Laws

Not everybody can file for Chapter 7, as the bankruptcy code was changed in 2005. Under the new law some debtors may not qualify to file Chapter 7 and must file Chapter 13.

Make an appointment with a HLO attorney to discuss whether you qualify for a Chapter 7 bankruptcy.

HLO Services and 100 % Service Guarantee

HLO will be with you every step of the way during your legal matters. From the initial, free, consultation to the final discharge, HLO will represent your interests and protect your rights.

HLO offers a 100 percent guarantee on all of our services. While we cannot guarantee outcomes, we guarantee you will be treated with respect and courtesy and that you will be updated regularly on the status of your case.

If at any time during our representation you believe we have failed to honor this commitment, please contact our office and we will be sure to remedy the situation, even if it means a reduction of fees.