Life is full of plans. We make plans for the weekends, professional and family goals, we even plan out our daily routine. But, we constantly are reminded that no matter how carefully you plotted your plans and goals or the steps you took to secure a the stability that your family needs there is often a screwball thrown at us that we have to take on. Many times you are ready for that screwball, but sometimes you are caught flat-footed and may find yourself in a unique situation wherein your bills are growing, your bank account and other assets are dwindling, and you are unsure of how to get in a better position. Fortunately, our society recognizes that life often throws out those screwballs and provides a manner wherein relief can be found. This relief is bankruptcy.
There is a lot of negativity associated with a bankruptcy, but it is necessary to recognize that bankruptcy offers a solution to those unexpected events in life that lead you down a path of financial distress. A bankruptcy allows individuals, families, and businesses to liquidate, restructure, or reorganize those debts that the are unable to pay back due to their financial status. There are several types of bankruptcy including Chapter 7, Chapter 13, Chapter 9, Chapter 11, and Chapter 12. The most commonly filed bankruptcy is a Chapter 7 filing for individuals and families. (We will review each of those bankruptcies in a later post)
Bankruptcy is a serious action to contemplate and undertake. You cannot simply stand up in your office and loudly exclaim “I Declare Bankruptcy”, but there are forms and processes that must be respected.
MacLeod Peterson is a firm wherein our bankruptcy attorneys have assisted thousands of individuals become debt free through the bankruptcy process. We are here to help. If you would like to learn more about bankruptcy and how it may benefit you, then please contact our office and schedule your free consultation to review your options.