Bankruptcy: Can it provide freedom?

In today’s economy, finances are closely monitored in the family household. From budgeting for food, entertainment, car payments or other financial responsibilities it can get a little overwhelming. Now trying to manage that along with the everyday needs of caring for children, spouses and even pets might raise your blood pressure level a little. Anxiety, as defined by Merriam-Webster, is fear or nervousness about what might happen. Let’s take a few unexpected things that could happen:

  • Injury to family or pet
  • Death of a loved one
  • Loss of job or income

All of these would qualify as unexpected and could surely throw our finances into a hurricane. It doesn’t take long for a family to fall behind on all or some of the more critical elements of its budget.

Filing for bankruptcy, which might seem scary at first, but may be a way where such challenges can become manageable again. Feeling that anxiousness being lifted and providing that room to breathe is a relief that offers a chance to regroup and start fresh.

Whether it is a complete elimination of your debt through a Chapter 7 or consolidating all of your financial expenses into one reasonable payment via Chapter 13, either can provide a light at the end of the tunnel, a way to have one less worry. With its potential of offering a financial reset button, and with the prospect of being able to spend more time with family and less time going through the checkbook, bankruptcy can help many attain the financial freedom that is part of healthy living.

Benefits of Bankruptcy

Bankruptcy can stop phone calls and letters from collection agencies and also end garnishment of wages, home foreclosure proceedings and other legal processes. Bankruptcy can also help the individual who is drawing on retirement accounts to pay off debts.

Businesses and Bankruptcy

Not only does filing bankruptcy help private individuals, businesses can benefit, too. When a business has a serious drop in sales revenues, overwhelming expenses, and limited credit, it can fall behind in paying bills and keeping up with credit payments.

Bankruptcy protects a business because it is restructured so that portions of it can be sold off and areas that are functioning can be supported.

If you are wondering if you or your business could file for bankruptcy, you should contact attorney Keith Cornwell of Cornwell Law Firm without delay. Too many individuals and business owners feel that filing bankruptcy is like admitting to failure. However, the bankruptcy law is really there to help remedy the difficult financial situation and get the person or company back into a good financial position.

Get Advice from a Qualified Bankruptcy Attorney

At the Cornwell Law Firm, we will willingly answer your questions about the viability of your personal or business assets. We will show you how the bankruptcy laws work and how they can help your individual situation. We will begin the process and walk with you through it. For a complimentary consultation, call bankruptcy attorney Keith Cornwell at 404-791-4449. In essence, we assist individuals and companies in pursuing relief from overwhelming debt by working through the Bankruptcy Code with them.

We can also direct you toward the kind of bankruptcy that is proper for your situation. Your circumstances may dictate just one option. For instance, sometimes it may work better for a person who qualifies for a Chapter 7 type of bankruptcy to actually file a Chapter 13. Attorney Keith Cornwell at the Cornwell Law Firm will know which of the 3 kinds of filings will be the best option for you or your business.

The type of bankruptcy depends on many things: eligibility, kind of debt, non-exempt property and so on. All kinds of bankruptcy have multiple rules and exceptions to them. The questions are who is eligible, what debts qualify for bankruptcy filing and what property may be retained. Bankruptcy attorney Keith Cornwell is competent with understanding the rules and how they can apply.

With chapter 13, part of the debts are paid over a 3 to 5-year plan. This is based on earnings. It can be complicated to figure out what percentage of your income is disposable and what must be paid to creditors.

Bankruptcy attorney Keith Cornwell can help you decide what kind of bankruptcy filing is best for you. To get the best answers to your questions about bankruptcy, call for a complimentary consultation today at 404-791-4449, or you may email us.

The Cornwell Law Firm can help you get the debt relief that you need for yourself or for your business. We understand the bankruptcy laws and will assist you with your individual needs.

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