Many individuals face crushing debt that feels impossible to handle. Even in the best of times, circumstances beyond our control, such as accidents, illness, or an unexpected business failure can put anyone in a very difficult financial position. Consequently, the Founding Fathers included a provision in the U.S. Constitution to allow people to get a fresh start through bankruptcy.

As experienced Chapter 7 lawyers, we know the pressure caused by facing overwhelming debt. This pressure can destroy our mental and physical health, and family life. Even though you want to be an honorable person and pay your debts, you also owe a duty to your family and yourself. Don’t let a misguided sense of honor destroy your life.

As seasoned Chapter 13 bankruptcy lawyers, we realize unforeseen circumstances can make it difficult for many to pay all of their obligations on time. We understand how hard it is to move forward while one is dealing with the stress of harassing phone calls, lawsuits, wage garnishments, foreclosure, and overwhelming credit card debt.

Chapter 7 bankruptcies are not only available for consumers. Businesses can also benefit from filing for bankruptcy protection under Chapter 7.

Subchapter V allows small businesses and their owners to spread the repayment of some or all of their debt over 3 to 5 years, similar to a Chapter 13 reorganization for individuals. The excess debt that cannot be repaid by the plan payments is discharged at the end of the repayment period.

Once a person falls behind on debt payments, creditors and repossession agencies can become extremely aggressive. Repeated phone calls, numerous automated messages, and a string of letters in the mail can make an already difficult situation feel overwhelming.

Homeowners sometimes find themselves “under water.” Their home is worth less than what they owe on it. Instead of building up equity, the monthly payments put homeowners deeper in the red. The situation is made worse when the homeowner has taken out a second mortgage or a home equity line of credit. In such cases, a little known bankruptcy provision referred to as lien stripping can help homeowners completely eliminate the lien from a second mortgage or equity line while keeping their home.