Get A Fresh Financial Start Through Bankruptcy

Despite the long-running misconception, debt issues are not necessarily a sign of financial irresponsibility. Emergencies happen all the time, and most of us don't have the financial cushion to weather them. A single medical scare, job loss or another unexpected event could leave a family in financial jeopardy.

Thankfully, when this happens, bankruptcy is a tool to help you manage debt and get back on track. And if you're considering seeking bankruptcy protection, it's a good idea to consult with an experienced attorney about your rights and legal options. In the Lehigh Valley area, look no further than McCrystal Law Office.

Personal Bankruptcy Protection

Our firm offers support and guidance to clients seeking debt relief under Chapter 7 and Chapter 13 bankruptcy. These are the two most common forms of personal bankruptcy, and while they have some similarities, they address debt in significantly different ways.

Chapter 7: Liquidation Bankruptcy

When you file (and qualify for) Chapter 7, most of your unsecured debts can be discharged. This means credit card balances, medical bills and most other debts without collateral will simply be forgiven. You usually cannot discharge student loans, back taxes or child support, but getting rid of other debt frees up money to pay these obligations.

A typical Chapter 7 case can be completed within five to six months, and the bankruptcy stays on your credit report for about 10 years. Because so many debts are being forgiven, the bankruptcy court may liquidate some of your personal assets to help repay creditors.

Chapter 13: Reorganization Bankruptcy

Chapter 13 focuses on reorganizing debts and repaying them over a period of three to five years. Instead of being discharged, debts are consolidated and renegotiated into manageable payment plans that you can afford. Although this method takes longer than Chapter 7, it is usually a safer way to hold on to your home and car if you had fallen behind on payments. Chapter 13 also stays on your credit report for less time than a Chapter 7.

The Advantages Of Bankruptcy

Stop creditor harassment: When you file either Chapter 7 or Chapter 13, the court issues an "automatic stay." This temporarily freezes nearly all collection actions against you and prohibits creditors and collection agencies from contacting you to seek payment.

Improve your credit: You may be worried about what bankruptcy will do to your credit score. But if you are considering it, chances are that your credit has already taken a major hit. Filing for bankruptcy will significantly impact your score for a couple years, but rebuilding it could happen more quickly than you think. Bankruptcy helps you get out from under the weight of overwhelming debt and get a fresh start.

Security clearances: If you want a job that requires a security clearance or where bribery could be an issue (bank teller, prison guard, etc.), filing for bankruptcy may be a smart move. If you are having debt issues but file for bankruptcy, you are considered less susceptible to taking bribes or engaging in other compromising behavior.

Let go of shame and stress: A fresh start means letting go of your shame and stress about money. And that starts the moment you walk into our office. We are non-judgmental advocates helping you regain financial health.

Free Consultations And Payment Plans Available — Contact Us Today

Located in Emmaus, Pennsylvania, McCrystal Law Office serves clients throughout the Lehigh Valley. To take advantage of a free initial consultation with a lawyer and learn about our convenient payment plans, call us at 484-272-2014 or send us an email.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.