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For the past several years, the economic climate has been challenging for many consumers. The financial headwinds many have encountered are unprecedented since the great depression. Sadly, many good people have been forced to deal with financial reversals they never expected.

When debts become overwhelming, there are solutions to remedy this problem. One solution includes filing for bankruptcy protection in the federal court system. The United States Congress enacted laws in 1898, which permits individuals and businesses to “clear the slate” and to get a fresh start.

Our firm specializes in the intricacies of providing consumers and businesses protection under the federal bankruptcy code. Regardless of the complexity of your particular situation, we will help guide you through the process and to provide you with a clean start.

Types of Bankruptcies

This chapter permits individuals and businesses to liquidate and discharge their unsecured debt. The provision of the bankruptcy laws include an automatic stay, an injunction, which immediately halts foreclosure, repossession, garnishments, and all collection activities including harassing phone calls and collection letters.

This chapter is typically for businesses (and sometimes individuals) and permits for the reorganization of debts. It is a valuable tool, which businesses can use to remain operational as they work through their indebtedness on better terms.

With some bankruptcies, the debtor must liquidate assets. Under the provisions of the Chapter 13, the debtor is able to keep their property by making structured payments over a three to five year period.

Service Members Civil Relief Act (SCRA)

Active military members can seek relief under the provisions of the SCRA. This act temporarily protects members from the entry of default judgments and enables the court to stay proceedings against active duty members while engaged in war or a military action. Generally, the protection ends when the member dies or within 90 days after separation from active duty.