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Even before the COVID-19 pandemic, many people were living from paycheck to paycheck, and for those who have experienced a break in cash flow, that can mean the collapse of their financial well-being.
While many larger companies might have the fiscal latitude to restructure and cushion the financial impact, smaller businesses and many individuals without a financial safety net are facing an uncertain future. Debts are climbing, while earnings and revenue go into free-fall.
Do you recognize your own situation here?
If you’re worried that you might lose your home, face overwhelming financial difficulties, or if you’re the subject of a wage garnishment order, then you could benefit from some fast, expert advice from an experienced bankruptcy attorney.
Don’t carry the burden of anxiety over your future and finances alone – Bighorn Law can help. Our attorneys will listen, give you clear, calm advice and find the right pathway to enable you to feel in control again.
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How a Bankruptcy Attorney Can Help
Bankruptcy isn’t just for corporations and major businesses – it’s an option that individuals can explore too. It’s possible that a managed bankruptcy could enable you to make a fresh start and put your current money worries behind you.
Many of our clients are facing the very real possibility of losing their homes or businesses. If you are struggling to pay your bills and you want to put an end to the calls and letters, filing bankruptcy can help:
- Stop Creditor Harassment
- Stop Foreclosure
- Stop Repossession
Contact Bighorn Law and work with an experienced bankruptcy attorney to explore your options, with the reassuring knowledge that with Bighorn Law, you’re always in safe hands.
Who Can File for Chapter 7 Bankruptcy
Whether or not you can file for Chapter 7 bankruptcy hinges on several factors. Our bankruptcy attorneys will review your income over the past six months to determine if you are above or below the median income level in Arizona.
Your current expenses, including your mortgage, utility payments and other loan payments, also will be considered. If you are under the median threshold amount or your expenses are higher than your income on a monthly basis, you may qualify for Chapter 7 bankruptcy. If not, you may still qualify for Chapter 13 bankruptcy.
Discharge of Debt with Chapter 7
Chapter 7 bankruptcy allows you to discharge all of your “unsecured debt”, typically within four to five months of filing. Immediately following a bankruptcy filing, an automatic stay will go into effect that requires creditors to stop all collections activities, including
foreclosure, wage garnishment and repossession. Unsecured debt commonly includes credit cards, medical bills, certain taxes, judgments, and deficiency balances.
What is Chapter 11 Bankruptcy?
Chapter 11 bankruptcy allows large businesses to restructuring debt and continuing operations under a plan of reorganization supervised by the bankruptcy court. When you successfully file for Chapter 11 bankruptcy, you can continue running your business as a debtor-in-possession.
While a Chapter 11 bankruptcy is generally filed in connection with a corporation or partnership, individuals who have guaranteed the debt of a business, as well as creditors, may initiate a petition. The process is typically lengthy, and it is crucial to work with an attorney familiar with the complex legal and procedural requirements involved.
Who Can File for Chapter 13 Bankruptcy
Also known as “debt reorganization” or “wage earner’s bankruptcy”, Chapter 13 is more complicated and time consuming than Chapter 7 bankruptcy. For various reasons, Chapter 7 bankruptcy is not for everyone. For those who do not qualify because their income or assets exceed eligibility requirements, those who have filed for Chapter 7 in the past eight years, or those who have tax debt issues or defaults that cannot be cured through Chapter 7, Chapter 13 may be the right solution. In this form of bankruptcy, you repay all or some of your debt over three to five years, and it protects your home and car from foreclosure and repossession.
Chapter 13 and Foreclosure
Many people file for Chapter 13 when they are facing foreclosure. Through the automatic stay and other various tactics, we can help you avoid foreclosure and keep your home.
An Alternative to Bankruptcy
You have a right to settle your debt. Sometimes bankruptcy really is the best option. However, an experienced bankruptcy attorney may be able to resolve your unpaid accounts without having to file for bankruptcy. If you attempt to settle your own debt, you may run into challenges and uncooperative creditors who will not always volunteer your best options.
If debt settlement is possible in your case, we will help you consolidate and settle your past due accounts for the lowest amount possible. Beware of debt relief companies. Typically these companies do not have strong knowledge in the area of debt relief and are more focused on their own bottom line than they are on actually helping you.