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Personal Bankruptcy

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The decision to file for bankruptcy is not an emotional or moral decision, it is a personal financial decision based on the amount of debt and ability to repay over time. Struggling with the burden of debt and just hanging on by making minimum payments to credit cards benefits only the creditors. Many commentators have referred to this scenario as “debt slavery,” where although significant payments are made each month, due to high interest rates, the balances never go down. This cycle can be broken

The knowledgeable lawyers at McFarlin LLP have guided thousands of clients through the insolvency process. Whether you have developed debt from credit cards, student loans, medical bills, late mortgage payments, or taxes, we can provide you with the insight you need to make the best decision for your circumstances. Call us at (888) 728-0044 for a free consultation to determine whether bankruptcy is right for you.

What are the Different Chapters of Bankruptcy?

Bankruptcy is not a one-size-fits-all remedy and may not be appropriate for everyone. There are several different types, also known as “chapters,” of bankruptcy that may apply to your financial situation. An experienced attorney at McFarlin LLP can help you understand the options available to you and will assist you through the bankruptcy process.

Personal Bankruptcy Explained – In Plain English from Timothy McFarlin on Vimeo.

Depending on your income, assets, and amount of debt, you may qualify for one of the following:

Chapter 7 – This is the most common type of bankruptcy to file, by far. In most chapter 7 cases, all qualifying debts are “discharged” while the consumer or business retains all their personal property and assets. This is generally referred to as a “no asset” case. There is no repayment plan in chapter 7.

Chapter 13 – This allows for the reorganization and orderly repayment of debts over time. This procedure is designed for “wage earners” with regular income and typically lasts for five years (60 months). As with chapter 7, in chapter 13 the debtor typically remains in control and retains all personal property and assets.

It is important to note that each type has a number of requirements and intricacies, and therefore, consulting with a lawyer who is experienced in financial insolvency law is strongly advised.

What are the Benefits of Financial Insolvency?

One of the most immediate benefits of filing for bankruptcy is that an “automatic stay” will go into effect. This prohibits creditors from taking any further collection actions against you, such as lawsuits, bank levies, foreclosures, or wage garnishments. In many cases, living with financial worry and constant phone calls from bill collectors can have a significant negative impact on your day-to-day life and well-being.

Bankruptcy provides much-needed relief from the stress and burden that you may be experiencing because of unforeseeable circumstances, such as loss of job, divorce, rising mortgage payments, medical bills, or a death in the family.

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The Help of Skilled Irvine Bankruptcy Relief Lawyers

If you have questions about bankruptcy and how it can benefit you, please contact McFarlin LLP today at (888) 728-0044 to schedule a free consultation with one of our knowledgeable attorneys at our Irvine office. We will carefully analyze your financial circumstances and provide you with a solution for the best financial future.


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