Bankruptcy Overview

If you are facing overwhelming debt, you are not alone. Bankruptcy is a legal process designed to allow those who have become overburdened with debt to gain a fresh financial start. There is no shame in seeking help when you need it, and the number of people opting for bankruptcy as a means of debt relief has been rising for decades.

At Gulf Coast Bankruptcy Attorney, our team of bankruptcy attorneys is here to help individuals, families, and businesses in the Gulf Coast area achieve debt relief through bankruptcy. We strongly believe in helping good people through tough financial times.

Is Bankruptcy Right for You?

Bankruptcy isn’t the best choice for everyone. But it is possible to wait too long to file for the financial relief you need. If you are just days from being homeless or closing the doors of your business due to overwhelming debt and the actions of ruthless creditors, you’ve probably put off this decision for too long. The time to act is now.

Bankruptcy can help you eliminate:

• Credit card debt
• Debt collection lawsuits
• Real estate foreclosure actions
• Medical bills
• Auto repossession
• Foreclosure
• Judgments
• Co-signer on property held by another

Financial turmoil can be caused by many life events including a failed business, a family dispute, or even a criminal conviction.

If you can fix your financial issues with a few simple changes, you probably don’t need to file bankruptcy. But there is a common misconception that bankruptcy is something to be ashamed of or is “bad.” Those are dated ideas, and people generally understand that consumers and businesses are forced into bankruptcy due to a variety of different reasons.

• Job losses
• Divorce
• Illness
• Accidents
• Fraud and identity theft

Bankruptcy isn’t inherently good or bad. But it’s a vital legal protection that gives honest consumers and business owners a solution when faced with troubling debt. While a minority of filers will abuse the system, you’ll hear plenty of stories of people who were able to get a fresh financial start after going through tough times thanks to this process.

Types of Bankruptcy Cases

Bankruptcy comes in many forms, and the type you file will be unique to your situation. Our sole focus is on helping the people of the Gulf Coast rebuild a stronger financial future through:

• Chapter 7 Bankruptcy– Individuals and businesses can use Chapter 7 bankruptcy to liquidate nonexempt assets, fully discharge certain debts, and achieve a fresh start. Before you can file for Chapter 7, you will have to meet certain eligibility requirements.
• Chapter 13 Bankruptcy– A Chapter 13 bankruptcy is considered a reorganization and is appropriate if you can afford to make payments on your debt. The repayment plan is supervised by the court for a number of years, and then the remaining qualified debt is discharged.
• Chapter 11 Bankruptcy– Chapter 11 bankruptcy allows businesses and some individuals to restructure their debt while they continue business operations. With this option, you will give up a certain amount of control of your business to your debtors and the courts.

Note that some types of debt, such as federal student loans, are not dischargeable. But we would be happy to advise you about other options for debt relief to get you the freedom you deserve.

Stopping Harassment and Wage Garnishment with Bankruptcy

One of the most troubling aspects of crippling debt is the constant harassment from creditors and the potential for wage garnishment. You are already facing enough hardships connected with troubling debt. Having a large percentage of your income taken away by creditors could make paying your essential bills impossible.

Bankruptcy filings trigger an “automatic stay,” which legally prohibits creditors from making harassing phone calls or sending threatening letters. Creditors are also stopped from garnishing your wages except in matters related to back taxes, child support, or student loans.

If you are currently having your wages unfairly garnished by a consumer creditor or other predatory lender, our Gulf Coast Bankruptcy attorney will fight to get your entire paycheck back.

What Bankruptcy Exemptions Can Mean for You

It’s important to mention that bankruptcy is based on federal laws. But the laws in your particular state are vital to the outcome of your case. This is because different states allow different exemptions, which is a simple way of saying the stuff you can keep and not include in your bankruptcy case.

The federal Bankruptcy Code includes a long list of exemptions. But some states, like Mississippi, choose to opt out of those federal exemptions, making them unavailable. If you live in Mississippi, there are state exemptions that you can apply to your case instead. Some of these include:

• Up to $10,000 in personal property, which includes a motor vehicle
• Funds in retirement accounts based on money contributed more than a year before the bankruptcy filing
• Up to $75,000 of home equity if the home is on less than 160 acres

Again, exemptions vary by state. The exemptions available in Alabama or Louisiana will be much different. There may also be informal exemptions that you can take advantage of keep certain property, but these are issues you will need to discuss with a skilled attorney.

Before you decide to pursue bankruptcy, you should speak with a knowledgeable local bankruptcy attorney. They can explain how your state’s laws will impact you specifically so that you can make an informed choice.

Speak With a Qualified Gulf Coast Bankruptcy Lawyer

If you find yourself overwhelmed with debt, it can be understandably tough to get back on track. Different forms of bankruptcy may be able to provide the financial relief and fresh start you deserve.

Navigating the federal and state bankruptcy laws can be confusing and challenging. One simple mistake on a bankruptcy filing can delay your case for months and bring creditors right back to your doorstep.

At Gulf Coast Bankruptcy Attorney, we understand that every client’s situation is unique. We promise to thoroughly evaluate your current situation before we make any recommendations. You should always have the information you need to build a better future for yourself and your loved ones.

Please contact us today and we can help you schedule a free initial consultation with an experienced Certified Gulf Coast Bankruptcy Attorney.