Will Bankruptcy Law Be Your Ace in the Hole?
When your debts seem to be getting ahead of you and threatening your financial outlook, where do you turn? Although it may be tempting to try to ignore such problems, no amount of wishing will make them disappear. The more you let things slide, the more they could compromise your credit, consumer purchasing power or business dreams.
Filing for bankruptcy might just be right for you, but each case is unique. Before getting the ball rolling, you need to explore your options fully, and this means talking to an expert. At Summit Law Firm, LLC, we hope to fulfill that role by providing you with the advanced knowledge that you need to make the right choices.
What Is Bankruptcy?
Bankruptcy is the legal status you gain after filing a court petition claiming that you can’t repay your debts. Once you file, you obtain immediate relief from having to repay your creditors, deal with debt collectors or face lawsuits. If the court grants your petition, then you might be able to
- Liquidate, or sell, your non-exempt assets to generate the funds needed to repay your outstanding debts, or
- Reorganize, or present a plan that lets you keep more assets and use your continuing earnings to repay the debts over time.
Could Bankruptcy Help You?
Most bankruptcy laws complement the federal statutes outlined in the Bankruptcy Reform Act of 1978, but different states and municipalities are allowed to implement their own supplemental guidelines for filing. Depending on where you live or operate a business, you might have to observe additional procedures and eligibility rules. Regardless where you file, you’re also likely to benefit from preparing your argument and evidence in advance so that courts agree with your claim that you deserve protection.
Bankruptcy is designed to give you a clean start, but it takes intelligent legal planning to wipe the slate clean.
The only way to know for sure whether you’ll benefit from bankruptcy is to work with a legal adviser that can help you follow the rules and present your case properly. Discussing your current situation, credit history and the nature of your debts lets you ensure that you’re not overlooking any rules that might determine your eligibility.
Why put your chances of obtaining relief at risk?
Start the dialogue today by talking to a bankruptcy specialist at Summit Law Firm, LLC for a free, personalized evaluation.