Bankruptcy Attorney

Bankruptcy is a legal proceeding to which a debtor (individual or business) that is having financial difficulty can turn for economic relief. If you are unable to pay your bills due to job loss, family crisis, lack of cash flow, medical costs, etc., bankruptcy can, in most cases, give you a “fresh start”.

A Bankruptcy may make it possible for you to discharge or eliminate most, if not all, of your debt (credit cards, medical bills, personal loans, utility bills, etc.). It can stop foreclosure on your house and give you an opportunity to catch up on missed payments. It can also stop wage garnishment, IRS collections, debt collection harassment, and similar creditor actions.

A Chapter 7 Bankruptcy is known as a “straight” bankruptcy or “liquidation”. If the debtor qualifies for a Chapter 7 bankruptcy, the debts will be discharged (eliminated) without any future payments having to be made. In the majority of cases debtors are allowed to keep most, if not all, of their property.

If the debtor is behind on mortgage or car loan payments and wants to keep that property, then a Chapter 13 Bankruptcy may be the proper option. A Chapter 13 is called “debt adjustment”. It requires debtors to file a “payment plan” to pay their debts (or part of their debts) on a monthly basis over a period of years. The real advantage of a Chapter 13 is that it allows you to keep valuable property (home, car) which might otherwise be lost so long as you can afford to make the payments which are required under the plan.

Although the recent bankruptcy law instituted many new changes, and several additional hurdles, to filing for bankruptcy protection, the essential elements are still in place for providing individuals with a fresh start toward future financial stability.

If you are having financial difficulty, please give Yellin & Hyman, P.C. a call today. Initial consultations are free and reasonable payment plans can be arranged. We offer weekend and evenings appointments. Yellin & Hyman, P.C. is here to help you.

For more information about bankruptcy, please visit our FAQ (frequently asked questions page).

YELLIN AND HYMAN, PC IS A DEBT RELIEF AGENCY. WE ASSIST PEOPLE WHO FILE FOR BANKRUPTCY PROTECTION.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult with a bankruptcy attorney for legal advice concerning your individual situation.