Bankruptcy Law
Bankruptcy can give someone dealing with crushing debt an opportunity to start over. As it is a legal issue placed under federal jurisdiction by Article 1, Section 8, Clause 4 of the United States Constitution, the Lawyers at Meadowbrook Legal Group understand the complexities and have extensive experience handling cases for our clients.
We will advise you, beginning with our free, no obligation case evaluation. We then work through the entire bankruptcy process with you to reset your financial life and ease your debt hardship.
Debt Relief Solutions
It has become common for people to find themselves, due to of a wide range of life events, in need of assistance to relieve their debts. Just as many different situations can lead to the crisis there are also different options to solve the problem. An experienced advisor can look at the specifics of your personal debt and guide you on the path to financial freedom. You are not alone, and you do have options which Meadowbrook Legal Group are well versed in developing for their clients.
What is Bankruptcy Relief?
You have the right to petition the court for bankruptcy protection when you are no longer able to manage your debts. This is a legal process and should be handled by an attorney who is experienced in filing for the two types of consumer bankruptcy, Chapter 7 and 13, through the courts as well as assessing if it is the right option for you.
Chapter 7 Bankruptcy entails the liquation of your assets. A trustee with handle this process and determine if any assets are exempt with the remainder being liquidated and the proceeds being distributed to your creditors. Any debts that cannot be satisfied through the funds raised in this process will be discharged, leaving your debt free.
Chapter 13 Bankruptcy entails the reorganization and restructuring of your debt. Your lawyers will work with to you to develop a manageable payment plan over a period of 3 to 5 years. This will be proposed to your creditors and formalized through the courts. Additionally, any debts that remain at the end of this process may be eligible to be discharged.
About Bankruptcy
The typical household in the USA is burdened with more than $15,000 in credit card debt alone. Consumer debt of all forms is common across all age groups with many Americans having debt throughout their entire working lives. It often takes only a small additional unplanned emergency or unexpected financial crisis for the debt to become unmanageable.
It is no surprise based on these facts that 20% of consumers lose financial control. If you are in this situation Meadowbrook Legal Group can provide options and work with you to regain command of your finances.