At the Ward Law Firm, P.A., we recognize that filing for bankruptcy is one of the most difficult decisions that individuals can make in their entire life. Many of the fears that people have regarding filing for bankruptcy are based on myths and “urban legends.” At the Ward Law Firm, P.A. we help take the fear and uncertainty out of filing for bankruptcy. Our bankruptcy attorneys will make sure that you are fully informed of the truth regarding bankruptcy laws, how bankruptcy can rehabilitate your credit and how filing for bankruptcy may be the most responsible thing that an individual can do in certain financial situations. Contact the Ward Law Firm, P.A. today to set up your free initial consultation.
There are several types of bankruptcy lawyers and several means of handling these cases. Our bankruptcy model begins with an initial meeting detailing the steps that we need to take, as a team, in order to put you in the best position when your bankruptcy is filed. In order to maximize the benefit of filing for bankruptcy there are many things that need to be done prior to filing. Once the determination is made that bankruptcy is appropriate in your case, it typically takes about one month to develop the necessary court documents and file them.
We use a bankruptcy litigation model as our practice model. Using litigation as a tool in bankruptcy increases the benefit to you as the filer. Litigation in Bankruptcy Court is started by the filing of an “adversarial proceeding.” Essentially, this is a lawsuit against a party in the bankruptcy. In the context of our clients, it is a lawsuit against a creditor or creditors for violations of the law. We use multiple State and Federal statutes in order to put you in the best possible financial situation. These statutes include, but are not limited to the FDCPA, NC State UDAP, FCRPA, RESPA and TILA. A recent study showed that there was an average of 7.2 violations of the Fair Debt Collection Practices Act per bankruptcy filing. It is important to note that there are no filing fees for an adversarial proceeding and attorney fees are paid on a contingency fee basis. This means there is no additional cost to the client for seeking redress for the violations that form the basis of these adversarial proceedings.
At the Ward Law Firm, P.A., we only represent consumer debtors in Chapter 7 and Chapter 13 bankruptcies. Each type of filing has advantages and disadvantages, and it requires a knowledgeable bankruptcy attorney to know which type of filing is appropriate in your case. The basics of each type of filing are as follows:
Chapter 7 - This is known as a straight liquidation. Once you file for bankruptcy, the title to your property goes to the bankruptcy trustee. After the meeting of creditors, the bankruptcy trustee releases back to you your exempt property and, if there is any, sells the remaining property. Your creditors are paid off by the sale and you receive a discharge of the remaining debt.
Chapter 13 - This is a re-organization for an individual with regular income. In this Chapter, you get to keep all of your property in exchange for regular monthly payments to the Chapter 13 trustee. The payments last from 3 to 5 years. At the end of the payment plan, you receive a discharge. Due to the fact that the Bankruptcy Court can set aside an arrearage, this is frequently the choice for an individual facing a foreclosure or repossession.
The Bankruptcy Reform Act of 2005 severely limited an individual’s ability to file for a Chapter 7 Bankruptcy. However, Chapter 7 is still available if you meet the financial requirements. Even if you do meet the financial requirements, you may still be better off filing for a Chapter 13.
To find out more about how bankruptcy works and whether it is appropriate for you, contact the Ward Law Firm, P.A. today to setup your free initial consultation and see whether bankruptcy is right for you.
Congress makes us say this: The Ward Law Firm, P.A. is a debt relief agency. Its attorneys help individuals file for relief under the United State Bankruptcy Code.