Bankruptcy Attorney in Jasper County
Freeing You from Overwhelming Debt
Death and taxes, they say, are the only certain things in life. Many people believe debt should be included in this phrase. For someone who struggles each month to make ends meet because of exorbitant interest rates, mortgage payments, medical bills, and more, lifelong debt may feel inevitable.
The U.S. Bankruptcy Code, however, provides a means of escape. At the Law Offices of W. David Stephens, our job is to help you take full advantage of these laws. Bankruptcy is an intimidating and widely misunderstood concept, but it has the power to transform your financial circumstances and give you the clean slate you need to build a better future.
Chapter 7 and Chapter 13 Bankruptcy
When you declare bankruptcy, you have several options. The two most common types of bankruptcy filed in the U.S. are Chapters 7 and 13.
Chapter 7 is the fastest and simplest form of bankruptcy. Within 3-6 months, the court can discharge qualifying unsecured debt (e.g. medical bills, credit card debt, payday loans, etc.). You must demonstrate your eligibility through the means test, however, which compares your income to others in your state and assesses your expenses and assets. Additionally, the court may liquidate (sell) some of your assets if you cannot protect them through state or federal exemption laws.
Chapter 13 is a viable alternative for those who cannot qualify for Chapter 7 or are unable to protect their property from the Chapter 7 liquidation process. Under Chapter 13, you will make monthly payments to the trustee for 3-5 years. At the end of this plan, the court can discharge any unsecured debt that your monthly payments did not cover. This chapter does not involve liquidation.
Both of these chapters trigger the automatic stay, which stops creditors and debt collectors from contacting you or attempting to collect your debt in any way.
Other Debt-Relief Services
Helping you achieve financial freedom takes more than just a bankruptcy petition. We assess the entirety of your circumstances to develop a high-powered legal and financial plan, working state and federal debt-relief laws to your advantage.
We can help you with:
- Creditor harassment—defending you against unlawful debt collection tactics
- Bankruptcy alternatives—utilizing debt negotiation, settlement, and other forms of relief
- Foreclosure and repossession defense—protecting your home and vehicle
- Student debt relief—reducing or restructuring your student loans
- Wage garnishment—helping you keep 100% of your income
Since 1980, we have helped countless individuals and families improve their financial circumstances and obtain freedom from crushing debt and relentless collection agencies. We look forward to putting our 40 years of experience to work for your future.