Bankruptcy
If you find your debt out of control, a family member out of work or mounting medical bills, bankruptcy may be a viable option for you and your spouse. Bankruptcy allows persons to get a "fresh start." The bankruptcy laws are popularly referred to by their chapter number corresponding to the Bankruptcy Code.
Gottlieb, Johnston, Beam and Dal Ponte, PLL (GJBD) offers comprehensive services for the filing of Chapter 7 bankruptcies. Chapter 7 is a liquidation bankruptcy proceeding for complete relief. Other types of bankruptcies available to individual consumer debtors include: Chapter 13 (Repayment of all or part of the debts of an individual with regular income); Chapter 11 (Reorganization); Chapter 12 (Family Farmer or Fisherman).
Under Chapter 7, the debtor turns over non-exempt assets, if any, to the bankruptcy trustee who converts them to cash for distribution among the creditors. At the end of the proceeding the debtor receives a discharge of all dischargeable debts. To determine if a debtor is eligible to file, GJBD will conduct a “Means Test” based on the debtor’s current income and family size.
GJBD offers a consultation with an experienced bankruptcy attorney, to determine the client’s debts and assets, current income and listens to the client’s wishes regarding keeping certain assets. If a Chapter 7 bankruptcy is the best choice, the attorneys at GJBD will walk the client through the process from initial meeting to the discharge.
Even if you receive a Chapter 7 Discharge, certain types of debts are, by law, not dischargeable. Also, note that personal bankruptcy has lasting effects on your credit score for ten years after you file. Bankruptcy should be a last resort to resolve your financial issues. The bankruptcy attorneys at Gottlieb, Johnston, Beam and Dal Ponte, PLL will guide you through your options to determine if bankruptcy is best for you.