Bankruptcy Basics by Phillip L. Lucas

Life throws us many different curveballs and often at the most inopportune of times. A pitch that could be upon us with the suddenness of even the fastest thrown ball is that of bankruptcy. One moment you are standing upon the mound awaiting the pitch, keeping up with your payments, and next the ball has whizzed by you in the form of a sudden financial crisis. This can cause most of us to feel like we are out of the game. When bankruptcy becomes unavoidable, you have not struck out; the game has just gone into extra innings. It is important to know that when a financial crisis arises, such as an ongoing medical condition, a divorce, or even a car accident, there are options available to help pay down these debts or discharge it all together.

No sooner these unforeseen events occur, debt collectors swoop in and try to collect money for their clients leaving the debtor with a sense of helplessness from the connotation that bankruptcy often carries with it. However, at no fault to the debtor, sometimes doing your best to pay these debts just isn’t enough.

When one is unable to keep up with their financial obligations, and the situation has begun to grow dire, it may be time to contact a bankruptcy attorney and discuss the best bankruptcy options for you. The most common bankruptcies we have helped individuals file are Chapter 7, Chapter 11, and Chapter 13 bankruptcies.

Chapter 7, often called “Debt Discharge”, is designed to give the debtor a fresh start, and may even allow for the fresh start to be free from debts. Chapter 11 helps an individual or business reorganize primarily “business” associated debts. Finally, Chapter 13 which is often referred to as a “Wage Earner’s Plan” is designed to help reorganize certain debts by repaying a portion of them over a period of time, and allows for the retaining of one’s personal property in the process.

Filing for bankruptcy can be an emotional and trying time, but we are here to help you understand your options to find which is best for you and guide you through the process. Understanding what options are available is the first step, and can greatly reduce the stress of uncertainty associated with bankruptcy. Some pitches are going to catch us off guard, and strike us out; but the game is far from over.

Call The Law Office of Piotr Rapciewicz for a free consultation: 732-903-8008.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. We invite you to contact us and welcome your calls, letters and electronic mail. Contacting us does not create an attorney-client relationship. Please do not send any confidential information to us until such time as an attorney-client relationship has been established.