The Right Time to File Personal Bankruptcy
Filing for personal bankruptcy is a tough decision. If you feel that you cannot meet your debt requirements and probably won’t soon, then personal bankruptcy might be right for you. Do not file bankruptcy to get bill collectors off your back.
There are many options to try, like debt relief, if your goal is to stop harassing calls. We can help with those options, too. Personal bankruptcy is a useful tool, but it is the last option.
Different Types of Personal Bankruptcy
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the right choice when you cannot meet your debt obligation and won’t be able to soon. Chapter 7 is the best choice if you want to erase the maximum amount of debt. You will still owe taxes and student loans, but most of your other debt will be permanently discharged.
With Chapter 7, you need to pass a “means test” to prove that you cannot pay your creditors back. You retain the exempt property under Chapter 7, but it remains on your credit report for 10 years. If Chapter 7 is right for you, we guide you through the complicated filing process. Read more about Chapter 7 here.
Chapter 13 Bankruptcy
Chapter 13 is also called individual debt adjustment. We help you set up a 3-5 year payment plan for creditors. After successful completion of the payment plan, the remainder of your debt is discharged. It does remain on your credit report for seven years.
Chapter 13 is ideal for getting debt collectors off your back and stopping legal action. Chapter 13 is less drastic than Chapter 7. It does not require a means test while still offering many of the same protections regarding the exempt property. Read more about Chapter 13 here.
How We Help with Personal Bankruptcy
Our law office has years of experience in the Maine bankruptcy court. The entire focus of our practice is bankruptcy proceedings. We are specialists who understand the complicated world of federal regulations and legal paperwork.
Picking the right course of action is crucial. We help you make the right decisions. We work hard to make this difficult decision as painless as possible.
Long-Term Benefits of Personal Bankruptcy
Declaring bankruptcy causes a great deal of stress and anxiety in the short term. Personal bankruptcy does have many long-term benefits, though. By clearing your debt and settling with creditors, you give yourself a clean slate.
You can start building credit again and move on with your life. With our guidance, you can get through this tough process to create a more positive future.
Choose Us & We’ll Look Out for Your Best Interests
The law offices of Perry O’Brian have filed hundreds of bankruptcy cases for Mainers. We’ve guided clients through the process with compassion and integrity. We understand both the court system and clients’ needs. Trust us to take care of you.