Understanding Bankruptcy Law
As someone who may be considering bankruptcy, you likely have many questions and concerns. Fortunately, while it is helpful for you to understand the basic concepts of bankruptcy law and its consequences in your case, you can leave the details to us. As your advocates, we handle these complicated matters on your behalf, while guiding you toward an informed decision about how to get a fresh start.
The following is basic information about bankruptcy law. We encourage you to contact our firm to schedule your free initial consultation with an experienced lawyer. Together, we can solve the problem of overwhelming debt.
- Bankruptcy may be the last option you should consider. Not every person considering bankruptcy will actually need to file for it. There are situations where bankruptcy alternatives—such as debt negotiation and defense—are more advisable. We will arm you with the information you need to make this decision.
- Bankruptcy affects even honest, hardworking people. A financial downturn can happen because of an injury, illness, divorce, loss of business, loss of job and other unexpected events. Bankruptcy is the legal method for you to relieve yourself of the debts that you owe. One of the primary purposes of the Bankruptcy Act is prevent ongoing indebtedness and get a second chance.
- To be eligible for Chapter 7 bankruptcy, you must qualify under a means test. Whether or not you qualify ultimately depends on the level of your income and expenses.
- Chapter 13 bankruptcy is considered "wage earner" bankruptcy, in which you pay back some of your debt under a manageable three to five year payment plan.
- Bankruptcy will set in place the automatic stay. This prohibits creditors from making attempts to collect a debt through telephone calls, dunning letters, and even lawsuits.
Do you want to learn more? Contact Kincaid & Kincaid, P.C. to schedule your free initial consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.