Making A Hard Decision. Deciding To File For Bankruptcy.
Making the decision to file for bankruptcy is very difficult. Many of us feel we somehow failed. But the truth is, if you are struggling to pay debts and bills and you are not making headway, it may be time to consider getting a fresh start.
Bankruptcy is not a decision to be taken lightly. At Ferguson Legal Group, LTD, we counsel clients to ensure that they are in a financial place where filing for bankruptcy is a last resort and makes the most sense. If you are facing foreclosure on your home, garnishment of your wages or repossession of your car or other items, it’s likely that filing is your best option.
What Is Bankruptcy?
Bankruptcy is a legal process that is a way to put a stop to creditors calling, mailing or harassing you. Filing can also stop foreclosure on your home and can restore utility services. Filing halts repossession actions and may even allow you to get a vehicle back. If you are overwhelmed with a large medical bill, bankruptcy may be able to wipe that slate clean.
Types Of Bankruptcy We Assist With
There are many types of bankruptcy. At Ferguson Legal Group, LTD, we help clients with three types of personal bankruptcy. These are:
- Chapter 7 bankruptcy: This is also known as liquidation. When you file for Chapter 7 bankruptcy with the court, you will use what you currently have to pay off all the debts you can. Some of your property is “exempt” and will not be used to pay off creditors. A trustee oversees this process. Then the slate is wiped clean. You do not create a plan for repayment.
- Chapter 11 bankruptcy: Also called reorganization and commonly used by businesses but also available to individuals. When you file with the courts, you “reorganize” your business in line with a plan that seeks to pay back creditors over time.
- Chapter 13 bankruptcy: This is sometimes called wage earner’s plan. This type of bankruptcy is designed for people who have gotten far behind in their debt payments, but who earn enough that, with careful planning and negotiation, are likely to be able to repay all or part of their debts over an extended period of time, generally five years. A trustee works with the creditors and handles the repayment. Filing stops creditors, foreclosure and all collection attempts.
If you are struggling and suffering because of overwhelming debt, it may be to your advantage to speak with a bankruptcy attorney about your situation. You will then understand your options and be able to decide whether filing for a Chapter 7, 11 or 13 bankruptcy will put you and your family in a better financial position.
Get The Guidance You Need Today
Our legal team is here to help. We know these are uncertain times. We can offer information and options that may put your mind at ease. At Ferguson Legal Group, LTD, protecting you is what we do. Call 937-502-1040 and speak with a member of our staff about your concerns. You can also send us a brief summary of what you are dealing with over our confidential website email, and we will reach out to you. Your initial consultation is always free.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.