Life isn’t always a smooth easy cruising path, it is more a road full of peaks and valleys.
Finding yourself in a financial valley may be the worst and most dreaded valley of all. However, your time in this valley need not be permanent. You may be able to climb out of your financial purgatory and begin again on a fresh path towards a financial peak.
We may be able to help you.
Our office has provided competent, reliable, and professional representation to many throughout the tristate area. We have helped many people begin a fresh financial start. Usar Law Group offers a thorough consultation to assess each individual’s specific needs and financial situation in order to guide them in the right direction. We provide each of our clients with the best and most efficient solution for them, and advise when bankruptcy is not the best choice.
Is Bankruptcy right for you?
If you are struggling with debt, if you have mounting overdue credit card payments, if you are receiving relentless calls from collection companies, or if you are being sued for defaulting on your payments, personal bankruptcy may offer you much needed relief.
Filing for bankruptcy carries serious long term consequences and each debtor’s circumstance is different and requires careful assessment and careful consideration before filing. Please see our Frequently Asked Questions section for more information.
Some important things to know
Chapter 7 allows for certain basic personal property to be exempt. For example, you may be allowed to keep certain specific property of up to a certain value like a personal vehicle depending on the vehicle’s value, certain household goods, and other specific property.
Debtor’s Current Income. A debtor must pass what is called a means test to determine whether they qualify under Chapter 7. The means test calculates the debtor’s monthly income if any, their spouse’s income if any, and/or any other qualifying household member’s income, to make sure it is not above a state specific median monthly income, and that the debtor is honestly unable to pay off their debt to creditors while also paying living and other mandatory expenses (i.e. whether the debtors has a disposable income).
Chapter 13 of the United States Bankruptcy Code allows individuals who have regular income seek an adjustment of debts under the Bankruptcy Code, and is essentially a reorganization case, allowing debtors to keep all of their property, including real estate subject to certain conditions, in return for filing a plan to repay part or all of the debt out of their disposable income over a period of up to 5 years.
Chapter 11 of the United States Bankruptcy Code allows a debtor to seek an adjustment of debts, either by reducing the debt or by extending the time for repayment, or may allow a debtor to seek a more comprehensive reorganization. Chapter 11 can be a better option for debtors who are engaged in business, including corporations, partnerships, and/or sole proprietorships who want to remain in business and avoid liquidation.
Most individual debtors file under Chapter 7 or Chapter 13, which are consumer bankruptcy proceedings.