Consumer Bankruptcy

Break Free of Debt

Debt hurts. At Resolve Law Group, we know the cycle of minimum payments, collection notices and late fees may feel like a trap. Financial stress can touch every area of your life, from job performance to family relationships. Debt collector harassment keeps you focused on crisis management, with no lasting solution in sight.

It doesn't have to be that way.

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Our team is here to help with most legal issues that impact your life.

How Bankruptcy Can Help

Bankruptcy law offers two very different solutions for people in tough financial circumstances. Chapter 7 helps people with a lot of unsecured debt and few assets wipe out debt and start fresh. Chapter 13 provides a way for people with assets, secured debt, and regular income to catch up on past-due balances without lawsuits, growing late fees, and the risk of foreclosure or repossession.

Unfortunately, most people struggle with debt for two years or more before taking charge of their finances through bankruptcy. That’s two years of money wasted on late fees and high interest charges, two years of unnecessary sleepless nights, and a two-year delay in building a better financial future.

The next step is yours.

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Bankruptcy Exemptions

Many people considering bankruptcy are worried about losing property. That’s understandable, since Chapter 7 bankruptcy is also called “liquidation bankruptcy.” Technically, that means the bankruptcy trustee can liquidate (sell off) assets to pay creditors. In practice, most people who file Chapter 7 bankruptcy don’t lose any property at all.

What are Bankruptcy Exemptions?

When property is “exempt,” that means it’s protected from creditors. The bankruptcy trustee can’t take that property to pay your debts.

Exemptions are different from state to state, but they generally include things like cars, homes, work tools, and other essentials. A local bankruptcy attorney can explain your state’s exemptions in more detail during your initial consultation.

Navigating Complexities Of Bankruptcy

Finding a bankruptcy lawyer who specializes in debt relief can be a difficult process for many businesses and individuals. At Resolve Law Group, we understand the gravity of this situation and are here to provide you with insight into this complex issue.

Understanding Bankruptcy

National bankruptcy is a financial crisis that occurs when a country's debt surpasses its ability to repay. This dire situation can have far-reaching consequences, affecting everything from the stability of financial markets to the well-being of citizens. There are many intricacies about bankruptcy that many people are not aware about.

The Impact On Resolve Law Group

Our mission at Resolve Law Group is to help clients overcome legal challenges they are facing concerning bankruptcy. We have seen firsthand how this crisis can disrupt businesses, lead to job loss, and impact the overall financial security of individuals and families. We are committed to helping our clients navigate this complex legal landscape and find solutions that can lead to financial stability and recovery.

The Legal Implications

There are many legal implications that a skilled lawyer should have a deep understanding of involving bankruptcy. Our team at Resolve Law Group specializes in this area, ensuring that our clients receive expert advice and representation. We work tirelessly to protect our clients' interests in negotiations, court proceedings, and other legal matters related to national bankruptcy.

Resolving National Bankruptcy Issues

If you want to successfully get through the process of finding financial relief, it is critical that you work with a lawyer who has the skills to help you explore your options. Resolve Law Group is here to help you explore your options, from debt restructuring and negotiation to bankruptcy proceedings. We tailor our approach to your unique situation, ensuring that you have the best chance for financial recovery.

Our Commitment To Clients

At Resolve Law Group, we understand the challenges and stress that come with bankruptcy. Our commitment to our clients is unwavering, as we work diligently to provide legal solutions that protect their financial interests and help them regain control of their lives. Have a lawyer guide you through the bankruptcy process so that you can boost your chances of finding a resolution that best suits your unique needs.

Your Path To Financial Recovery

Our team at Resolve Law Group can help you receive the support you need to achieve financial recovery quickly. Our experienced team will develop a personalized strategy tailored to your unique circumstances, ensuring that you receive the best possible outcome.

Contact Resolve Law Group Today

Don't face the challenges of bankruptcy alone. Contact Resolve Law Group today to schedule a consultation with our expert legal team. We are dedicated to helping you find the right solutions and regain financial stability. Together, we can navigate the intricacies of national bankruptcy and pave the way to a brighter financial future. Bankruptcy is a complex issue that requires expert legal guidance. Resolve Law Group is here to provide the support and solutions you need during these challenging times. Get in touch with a bankruptcy lawyer and let us know what services you are searching for.

FAQ's

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Do I Need A Bankruptcy Attorney?
There’s more to bankruptcy than filling out forms. Though there’s no legal requirement that you hire a bankruptcy attorney, cases filed without a lawyer are much more likely to be dismissed. That means wasted time and money, no financial relief, and possible obstacles to trying again.

An experienced bankruptcy attorney can guide you through the process from beginning to end, helping you choose the best type of bankruptcy for you, ensuring that your property is protected, preparing you for your 341 hearing and helping avoid mistakes that might put your discharge at risk.

How Much Does Bankruptcy Cost?
In 2022, the court filing fees and associated administrative costs to file a Chapter 7 bankruptcy case total $338. In some cases, there may be additional costs. For example, there is a small additional filing fee if you file an amended petition.

For Chapter 13 bankruptcy, that figure is currently $313. The Chapter 13 trustee also receives a small percentage of your monthly plan payments.

You’ll also be required to complete credit counseling before filing and a financial management course before discharge. You can usually get both courses for a package price of about $50.

How Do I Know If I Qualify For Bankruptcy?
Eligibility for bankruptcy depends on a variety of factors, including whether you are considering Chapter 7 or Chapter 13 bankruptcy.

Chapter 7 eligibility depends in part on a means test, which is designed to make sure you really can’t afford to pay your debts. The first step is to compare your household income to your state’s median income for the same household size. If you’re below the median, you don’t have to go any further. If you’re above the median, the test gets a little more complicated.

For Chapter 13, there’s no means test. But, you must be able to demonstrate regular income sufficient to keep up plan payments while covering your ongoing expenses. And, the amount of debt that can be included in a Chapter 13 case is capped at $419,275 in unsecured debt and $1,257,850 in secure debt. (These caps will be adjusted as of April 1, 2022)

There are other variables as well, including residency, any past bankruptcy filings, and more. The best source of information about whether you qualify for bankruptcy is an experienced bankruptcy attorney.
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What Are The Different Types Of Bankruptcy?
There are several types of bankruptcy, but the most common for individuals are Chapter 7 and Chapter 13. Chapter 7 bankruptcy involves liquidating your assets to pay off as much debt as possible, with the remaining debts potentially being discharged. Chapter 13, on the other hand, is more about reorganizing your debts and creating a manageable payment plan over three to five years. The type that's right for you depends on your specific financial situation and goals.
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Will I Lose All My Assets If I File For Bankruptcy?
This is a common concern, but filing for bankruptcy doesn't always mean you'll lose everything. In Chapter 7 bankruptcy, certain assets are exempt from liquidation, meaning you can keep them. These exemptions vary by state. In Chapter 13 bankruptcy, you're more likely to keep most of your assets as you'll be repaying your debts over time. We work closely with our clients to navigate these details and protect their assets as much as possible.
Can Bankruptcy Clear All Types Of Debt?
While bankruptcy can discharge many types of debt, such as credit card debt and medical bills, not all debts are dischargeable. For example, student loans, child support, alimony, and certain tax debts are typically not cleared through bankruptcy. During our consultation, we can provide a comprehensive review of your debts and how they may be affected by bankruptcy.
How Long Does Bankruptcy Stay On My Credit Report?
The impact of bankruptcy on your credit report depends on the type of bankruptcy filed. A Chapter 7 bankruptcy can remain on your credit report for up to 10 years, whereas a Chapter 13 bankruptcy stays on your report for up to seven years. Although bankruptcy can initially lower your credit score, many people find that their score begins to recover over time as they regain financial stability.
How Can Bankruptcy Impact My Future Credit And Loan Opportunities?
Bankruptcy can make it more challenging to obtain credit or loans shortly after filing. However, as time passes and you work towards rebuilding your credit, you can improve your ability to secure credit and loans. Many individuals find that with careful financial planning, responsible credit use, and the input of a bankruptcy lawyer, they can rebuild a strong credit profile post-bankruptcy.
Will Filing For Bankruptcy Stop Creditors From Harassing Me?
Yes, one of the immediate benefits of filing for bankruptcy is the automatic stay. This legal provision halts most collection efforts, including calls, letters, and lawsuits from creditors. The automatic stay goes into effect as soon as you file for bankruptcy and remains in place throughout the bankruptcy process. It's designed to give you breathing room while your bankruptcy case is being resolved and protect you from creditor harassment.
Can I Keep My Home And Car If I File For Bankruptcy?
Whether you can keep your home and car when filing for bankruptcy depends on several factors, including the type of bankruptcy you file and the equity in your property. In a Chapter 7 bankruptcy, if your home and car are exempt, you may be able to keep them. In a Chapter 13 bankruptcy, you're more likely to keep these assets since you're working on a repayment plan. However, you must continue to make regular payments on these assets to avoid repossession or foreclosure. Get in touch with a bankruptcy lawyer from Resolve Law Group to learn more.

Find the Right Debt Solution for You

Chapter 7: Bankruptcy

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Chapter 13: Bankruptcy

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Bankruptcy Discharge Violations

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