Deciding to file bankruptcy can be an emotional experience. In most cases, an individual has been struggling with debt for some time before he or she considers filing bankruptcy to resolve a debt problem. Many people believe that they cannot file Chapter 7 because they have been misinformed about bankruptcy or they think bankruptcy cannot help them. However, bankruptcy is an affordable solution for many people.
Before making a decision to file Chapter 7, it is important that you seek the advice of an experienced bankruptcy attorney. Travis J. Richards focuses his law practice on bankruptcy law and debt relief. He uses his knowledge and experience to help clients find solutions to their debt problems. Call Travis J. Richards at 609-267-5297 to schedule a free bankruptcy consultation to discuss whether a bankruptcy is the best alternative to solve your debt problems.
When to File Chapter 7 Bankruptcy
In many cases, people wait longer than they should to file Chapter 7. They exhaust their savings and retirement trying to pay debt they simply cannot afford to pay. Their lives are devastated because they lose their home in foreclosure, their vehicle is repossessed or their wages are garnished. Filing bankruptcy before things reach this point may save your property while getting rid of the debt that you cannot pay. If you are afraid to answer your phone and you dread checking the mail, you need to consult with a bankruptcy attorney to discuss your bankruptcy options.
Filing bankruptcy is not as difficult, time consuming or costly as some people may believe. In most cases, you can file Chapter 7 and receive a bankruptcy discharge within four months. The first step is to consult with a bankruptcy attorney to make sure that bankruptcy is right for you. Once you decide to file Chapter 7, your attorney will help you gather the necessary information to prepare the bankruptcy forms, prepare the forms, review the documents with you before you sign them, file the bankruptcy forms with the court and attend the court hearing with you. In just a few months, you can be free of debt so that you can begin to rebuild your finances.
Common Reasons People File Chapter 7
While every situation is different, there are several common reasons while people file Chapter 7.
Credit card debt – Credit card debt is one of the top reasons why people file Chapter 7. If you do not have the ability to repay your credit card debt, it is important that you contact our office before the credit card companies begin to take further action to collect the debt such as filing a lawsuit.
Loss of income – You do not need to lose your job to experience a loss of income. Some people file Chapter 7 because they have experienced a reduction in pay or hours. When this occurs, they do not have sufficient income to continue paying their bills and need relief so they can recover financially from a financial crisis.
Illness or injury – Unexpected illness or injury is another common reason why people file Chapter 7. Regardless of whether you have medical insurance, you may be facing substantial medical bills that you cannot pay. Chapter 7 will wipe out medical debts.
Failed business – When small business owners guarantee loans for the business and the business fails, the owner may need to file Chapter 7 in order to relive his legal liability to repay the business debts.
There are many reasons why people file Chapter 7. Your situation is unique but the solution may be the same – file Chapter 7 to resolve your debt problems.
Contact an Experienced Mount Holly Bankruptcy Attorney
Personal Approach, Professional Service, Affordable Payment Plans
The Law Office of Travis J. Richards, LLC is a full-service Mount Holly bankruptcy law firm focused on Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, debt consolidation, credit repair, tax liens, student loans and foreclosure. We represent clients in Burlington County and throughout South Jersey.
Contact our office at 609-267-5297 to schedule your free consultation to discuss bankruptcy and non-bankruptcy alternatives. You may also use our convenient online contact form and one of our friendly, professional staff members will contact you to answer your bankruptcy questions and/or schedule a free consultation with Travis J. Richards.
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