Bankruptcy
Understanding Bankruptcy
At Lundy Law Firm, we recognize that considering bankruptcy is a significant and often daunting decision. Bankruptcy is a legal process designed to provide individuals and businesses with a fresh start by discharging debts or restructuring them in a manageable way. The most common types are Chapter 7, known as liquidation bankruptcy, and Chapter 13, which involves debt reorganization.
How We Can Help
Our dedicated team specializes in guiding clients through the complexities of the bankruptcy process. We provide personalized consultations to understand your unique financial situation, offering clarity on how bankruptcy could serve as a viable path toward financial stability. Our services include:
-
**Assessment of Your Financial Situation**: A thorough review of your debts, assets, and overall financial standing.
-
**Strategic Planning**: Advising on the most suitable type of bankruptcy based on your specific circumstances.
-
**Filing Assistance**: Handling all necessary documentation and filings, ensuring accuracy and compliance with legal requirements.
-
**Representation**: Advocating on your behalf during bankruptcy proceedings and negotiations with creditors
-
**Post-Bankruptcy Guidance**: Offering advice on rebuilding credit and managing finances post-bankruptcy.
Chapter 7 Bankruptcy
Chapter 7 allows for the discharge of most unsecured debts, such as credit card debt and medical bills. It may require the liquidation of non-exempt assets to pay off creditors, but many clients find that they qualify for exemptions that protect their essential assets. We'll help you navigate these exemptions and work towards retaining as much of your property as possible.
Chapter 13 Bankruptcy
Chapter 13 is ideal for individuals with a regular income who wish to keep their property and are capable of repaying a portion of their debts through a restructured payment plan. This plan, typically lasting 3-5 years, allows for manageable monthly payments towards debt, after which the remaining unsecured debt is discharged. Our team will assist in developing a feasible payment plan that respects your financial capabilities while complying with legal requirements.
Why Choose Lundy Law Firm?
-
**Expertise**: Our attorneys are well-versed in bankruptcy law, ensuring knowledgeable and effective representation.
-
**Compassion**: We understand the stress financial hardship brings and approach every case with empathy and respect.
-
**Personalized Attention**: Every client's situation is unique, and we tailor our services to meet your individual needs.
-
**Commitment to Clients**: Our priority is your financial recovery. We're dedicated to achieving the best possible outcome for you.
Throughout every step, Lundy Law Firm stands by your side, ensuring you're informed, prepared, and supported. Our experienced team navigates the complexities of bankruptcy law, striving to make the process as seamless and stress-free as possible for you. Contact us today to take the first step towards your financial recovery.
Steps in the Bankruptcy Process
Navigating bankruptcy can seem overwhelming, but at Lundy Law Firm, we're committed to making the process as transparent and manageable as possible. Here's a step-by-step overview of what you can expect when you choose us for your bankruptcy case:
-
Initial Consultation: Your journey begins with a private consultation where we discuss your financial situation in detail. This meeting is crucial for understanding your debts, assets, income, and financial transactions. It's also an opportunity for you to ask questions and for us to explain how bankruptcy might work for you.
-
Pre-Bankruptcy Counseling: Before filing for bankruptcy, you'll need to complete a credit counseling course from an approved agency. This requirement ensures you understand all your options, including potential alternatives to bankruptcy.
-
Preparing Your Bankruptcy Petition: Our team will gather all necessary documentation and information to prepare your bankruptcy petition. This comprehensive document includes schedules and statements detailing your financial status, which we will review together to ensure accuracy.
-
Filing the Petition: Once your petition is complete and reviewed, we'll file it with the bankruptcy court. Filing the petition immediately invokes an automatic stay, halting most collection actions against you, including calls, letters, and lawsuits from creditors.
-
341 Meeting of Creditors: About a month after filing, you'll attend a 341 meeting of creditors. Despite its name, creditors rarely attend. During this meeting, a bankruptcy trustee will ask you questions about your petition and finances, verifying the information you provided. We'll prepare you for this meeting and accompany you to provide support and representation.
-
Post-Filing Obligations: In a Chapter 7 case, you might need to reaffirm certain debts (like auto loans) if you wish to keep the collateral. In Chapter 13, this phase involves starting your payment plan. You'll also complete a debtor education course, a requirement for discharging your debts.
7. Discharge: The final step in the bankruptcy process is the discharge of your debts. In Chapter 7, this typically
occurs a few months after the 341 meeting.
In Chapter 13, discharge comes after completing your
payment plan. The discharge legally eliminates your
obligation to pay back the discharged debts, offering
you a fresh financial start.
