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I never thought I would have to file for bankruptcy

Filing a bankruptcy today does not carry the social embarrassment that it did in the past.

This is due in part to the U.S financial disaster that began in 2008. The mortgage/housing crisis, loss of jobs, and escalating medical costs caused many hard working people to file bankruptcies and take control of their financial futures. Ben Bernanke, the former head of the Federal Reserve, said the 2008 financial crisis was the worst in global history, surpassing even the Great Depression.

It’s important to weigh the pros and cons of filing a bankruptcy case. In the end, many people decide that the benefits far outweigh the emotional or social stigma. In thinking about your options, you should consider that the bankruptcy system was put in place by Congress as a chance to get a fresh start toward a brighter financial future.

Should I file for bankruptcy?

bankruptcy-types

This depends on some factors. If you are behind on a few payments you may not need a bankruptcy. Depending on your circumstances there may also be alternative actions you can take to repay debt without bankruptcy. Bankruptcy protection is a tool of last resort, designed to give you a fresh start by wiping away most of your eligible debt.
Since everyone’s situation is different, if you have received any of the following, a bankruptcy may be necessary:

  • Any notice that your home/property is being foreclosed upon, and/or your vehicle is being repossessed;
  • Any legal notice that you are being sued by creditors or debt collectors;
  • Notices that your debt has been turned over to a collections agency;

You can arrange a free consultation with Attorney Wendi Henderhan to review all available options. In the past 10 years, she has handled countless cases ranging from simple to complex. Attorney Wendi will guide you through your choices, keeping you informed of your legal rights and entitlements throughout the process.

Are there different types of bankruptcies?

Yes, Chapter 7 and Chapter 13, and there are standard debt and income/asset limits to qualify for either plan.
If eligible, most people choose a Chapter 7 bankruptcy because this plan does not require them to pay back any portion of their debt. When you file a Chapter 7 bankruptcy an “automatic stay” takes effect. This action is temporary but immediately stops most creditors from attempting to collect your debt using collection methods like wage garnishment, taking money from your bank accounts or cutting off utilities.

When you choose a Chapter 13 Plan, in most instances, you will be permitted to pay back your creditors a percentage of the total amount you owe them. The amount you pay is determined by your income, your necessary expenses and the nature of the debt. Attorney Wendi has years of expertise in setting up Chapter 13 Plans and will work with you to create a fair and financially suitable reorganization of your debts.

Bankruptcy laws are complicated and every case is different – you deserve to have your questions answered by a licensed attorney…not a paralegal from a big law firm. Attorney Wendi is an experienced, knowledgeable, local Bankruptcy attorney. She will review with you every detail of your plan and keep you informed each step along the way toward your financial future.

Contact Henderhan Law today to get your questions answered and arrange your free consultation 614-738-9695, 740-361-6518