Unexpected circumstances can sometimes put clients in a spiral of insurmountable debt. In some of these cases, bankruptcy might be the best solution. In order to determine whether or not bankruptcy is a good option for you, the attorneys at Marso & Michelson will take the time to get to understand your particular circumstances. They will assist with gathering the necessary information so that you can make a well informed decision.
There are two main types of bankruptcy:
Chapter 7 bankruptcy: In a Chapter 7 bankruptcy, your non-exempt assets (if any) will be liquidated and sold by the trustee. Proceeds will then be distributed to your creditors. For most consumers, all assets are exempt, and nothing will be liquidated. We use our experience to make sure that you get every advantage available under the bankruptcy code. Again, most people get to keep everything they own. (Home, car, personal property, etc.)
Chapter 13 bankruptcy: In a Chapter Thirteen bankruptcy, you will develop a repayment plan to pay back your creditors over a number of years. This is most commonly used by individuals or households that have significant income or who are facing foreclosure and need to take action to save their home. As with a Chapter 7, most people get to keep everything they own.