Bankruptcy

Here’s how bankruptcy could help you get your finances – and your life – back on track.

Nobody really wants to declare bankruptcy. But the fact is, sometimes we find ourselves in a position where declaring bankruptcy is the best course of action to protect our financial future – and the futures of our loved ones.

When it comes right down to it, bankruptcy is simply a legal fling designed to help people who find themselves in significant financial difficulties. It’s not a negative thing. There’s no stigma. The bankruptcy laws are there to protect you.

Declaring bankruptcy can provide relief from debt collectors, and depending on the type of bankruptcy you declare, it can even help wipe out or restructure your debts so you get a fresh start. And don’t we all deserve that second chance?

TYPES OF BANKRUPTCY

Bankruptcies are “named” for the sections of the bankruptcy code. The two most common types of consumer bankruptcies are Chapter 7 and Chapter 11.

• Chapter 7 bankruptcy provides for elimination of many or most of your unsecured debts (like credit card bills, payday loans, and medical bills) are completely wiped out. You may also be able to keep your home and car under certain circumstances. Plus, when you declare Chapter 7 bankruptcy, you’ll put an end to debt collectors and wage garnishment so you truly can get back on your feet and get a fresh start. There are income qualifications for a Chapter 7. If you don’t qualify, you may still be able to file for Chapter 13 bankruptcy.
• Chapter 13 is a kind of debt restructuring plan that’s designed to help you meet your financial obligations on terms you can afford. It also puts a halt to the foreclosure process and stops debt collector harassment, stops repossession of your car, and prevents your utilities from being shut off.

Filing bankruptcy is a complex process with a lot of rule and some very strict deadlines that need to be met. At Barkley Smith Law, PLLC, we help clients from Boise, Canyon and Ada Counties, and throughout the Treasure Valley area take the steps they need to find some financial relief. Contact us today to find out if bankruptcy might be a good choice for you.