Debts that automatically survive bankruptcy, such as child support, tax debts, and student loans (unless the court rules otherwise); and
Spousal Support
Paying down open accounts. Bankruptcy does not allow you to discharge all types of debt, including student loans, tax debt, spousal support, and mortgage payments. You can improve your credit by reducing balances on these accounts as much as possible. I can help identify what accounts should be targeted to help improve your score efficiently.
You will not typically be permitted to discharge secured debts, which can include mortgages and automobile loans. Generally speaking, you will also not usually be able to discharge tax debt, debts for assets obtained through fraud, alimony, child support, legal judgments, court judgments, student loan debt, and debts incurred due for injury or death due to drunk driving. You will also not be able to discharge any debts incurred after your bankruptcy is filed.
Traffic Violations
Filing for bankruptcy discharges most, if not all, of your unsecured debt. You will no longer be under any obligation to creditors for these debts. The only debts you will still be liable for are family support obligations, student loans, certain types of taxes, and criminal penalties and fines, such as traffic tickets. That means that you are now debt-free and in a position to rebuild your financial status, with hopefully a lot more awareness of how to maintain financial stability.
Every situation is different, but I can help evaluate your circumstances and assets to determine what type of bankruptcy is right for you. If you are an individual, you can probably rule out Chapter 11 bankruptcy, which is primarily intended for business entities. This can include limited liability companies (LLCs), corporations, and partnerships. However, in some limited circumstances, individuals who do not qualify for other forms of bankruptcy can file for Chapter 11.
As a bankruptcy attorney in Madisonville, I have 40 years of experience walking clients through their bankruptcy concerns. Particularly if you are an individual or business seeking to file for Chapter 11 bankruptcy, I can help you evaluate the financial picture of your business and how you might plan an appropriate (and court-satisfactory) reorganization plan for repaying the debts in question.
Foreclosure
Dealing with unmanageable levels of debt can be stressful and frightening. My team at The Law Offices of Mark Little is ready to help you explore your debt relief options. As an experienced bankruptcy attorney, I can review your financial situation and determine whether filing for bankruptcy can help you avoid damaging collection actions, including wage garnishments, repossession, and foreclosure. I can also help you understand what types of debt you may be able to discharge upon completing your filing. I have 40 years of professional experience as a licensed lawyer and have assisted nearly 20,000 clients in that time. For as little as $200, you can retain my firm’s services. My team will immediately begin preparing your bankruptcy filing and will represent you in communications with your creditors.
Debt Collection
This is not true. Few things are more frustrating than being harassed about debts that you know that you cannot pay. Many creditors violate The Fair Debt Collection Practices Act (FDCPA) by calling at odd hours or using overly aggressive language in the hopes that you do not understand your rights. You can put a stop to the worst of creditor harassment simply by exercising your rights under this law. However, doing so may prompt creditors to pursue lawsuits in an effort to collect.