Should I File for Bankruptcy?
Deciding to file for bankruptcy is a significant step that can have long-lasting financial and emotional effects. It’s not an easy decision, and for many people, whether bankruptcy is the right path is a critical question. Bankruptcy processes often involve legal technicalities, making it prudent to consider hiring a bankruptcy attorney. At Werner, Hoffman, Greig & Garcia, our skilled bankruptcy lawyers have extensive experience in bankruptcy law and will help you navigate the process smoothly. If you are considering bankruptcy, when to file is another factor you need to account for. WHG can help. Contact us at (800) 320-HELP or by submitting our online contact form to get started. The 3 Common Types of Bankruptcy Filing for bankruptcy is a legal process designed to help individuals or businesses who cannot repay their debts. Essentially, bankruptcy provides a way to eliminate or reorganize debts under the protection of federal bankruptcy laws. This process can offer a fresh financial start—but not without consequences. If you are considering bankruptcy, the type you choose will significantly influence the outcome. The three most common forms of bankruptcy are Chapter 7, Chapter 11, and Chapter 13. Chapter 7 Bankruptcy – Liquidation Known as liquidation bankruptcy, Chapter...
Understanding the Different Types of Bankruptcy: A Comprehensive Guide
What Is Bankruptcy? Bankruptcy can be a daunting concept, often surrounded by stigma, misconception, and confusion. Looking into it can be stressful, but it's important to remember that bankruptcy is a tool meant to be used when necessary. Bankruptcy is a legal process designed to help individuals or businesses who have a large amount of debt. Understanding the different types of bankruptcy and how the processes work can help to ensure you make the correct, informed decision about your finances and future. WHG can explain your options in a free consultation. Call us at (800) 320-HELP or contact us online. Types of Bankruptcy Filings Bankruptcy filings in the United States are categorized under different chapters. The following chapters are available for individuals. There are other bankruptcy options available specifically for businesses, as well. Chapter 7 Bankruptcy Chapter 7 bankruptcy (or "liquidation bankruptcy") is the most common amongst those with minimal assets, and it allows you to liquidate your nonexempt assets in order to repay creditors. After your assets are liquidated, the remaining debts are typically discharged. Unsecured debts, like credit cards and personal loans, can be discharged when filing for Chapter 7 bankruptcy. However, to be eligible for Chapter 7...
Do I Need to Hire a Bankruptcy Attorney?
Summary:Bankruptcy allows individuals or businesses suffering from unpayable debt to reorganize their finances for a fresh start.There are many different types of bankruptcy, with Chapter 7 and Chapter 13 being the most common for individuals.A bankruptcy attorney can help you navigate the complex legal process, handling everything correctly and with minimal stress.Contact Werner, Hoffman, Greig & Garcia to work with experienced bankruptcy attorneys with a proven track record of success.Navigating overwhelming debt can feel like drowning. If you’re facing this situation, filing for bankruptcy can be a lifeline–one that over 30 thousand Americans grasp every year—but it’s a daunting idea. What is bankruptcy? How does it work? How can it help you?If you’re considering filing for bankruptcy, it’s time to get in touch with a bankruptcy attorney. While it’s technically possible to file for bankruptcy on your own, a bankruptcy attorney can help you understand your options and secure a positive outcome.Understanding BankruptcyBankruptcy is a legal process that allows both individuals and businesses to get back on track when unable to cover their debts. Bankruptcy allows you to reorganize your finances and get a fresh start.There are many different types of bankruptcy, known as “chapters,” that cover different circumstances. The...
