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About Bankruptcy

You lost your job. Or maybe you fell ill. Somehow you ended up not being able to pay your bills. Now your phone constantly rings as creditors try to collect. Your home is facing foreclosure. You've parked your car at a friend's so it won't get repossessed. How do you get out of this agonizing and difficult situation? Have you considered filing for bankruptcy? The attorneys of Todd E. Tkach, P.C. can provide you with the advice and information you need in order to make that difficult decision. When you are challenged with mounting debt and/or the loss of income, inquiring about bankruptcy can be the first step toward regaining control of your life. It can help return your peace of mind and the tranquility of financial stability.

Overwhelming debt is one of the most stressful things anyone will ever encounter. Non-stop letters and telephone calls from debt collectors; lawsuits; home foreclosure; vehicle and property repossessions - it seems there is no way out. But, there is a way out. It may not seem like it, but you have options. We can stop the debt collectors from calling you or taking any action to collect your debt. We can stop lawsuits, foreclosures and repossessions, and give you time to work with us to determine the best course of action for your unique financial situation.

You are not alone. The turn of unfortunate events leading to financial difficulties and possible bankruptcy seem infinite. With today's economic recession, many people have been forced to live paycheck to paycheck. They've turned to credit cards, personal loans and home equity loans just to make ends meet. Others have been financially ruined by job loss, huge medical bills, divorce or plummeting home values. Despite best efforts to remain financially viable, unexpected events have left many feeling hopeless and desperate.

You can avoid answering the phone and throw the collection letters away but the bottom line is you can't hide forever. These problems must be addressed aggressively and decisively. The attorneys of Todd E. Tkach, P.C. will lead you through the complicated bankruptcy maze and relieve your financial stress and anxiety. Our goal is to eliminate as much debt as possible, maximize the assets you can keep and leave you with a fresh start, unburdened by the debt that previously haunted you.

There are many misconceptions about bankruptcy. Some believe it is equivalent to "giving up." Others are afraid of what they perceive as a negative stigma associated with bankruptcy. Many believe it will ruin their credit for years to come and take everything they own. Unfortunately, these myths prevent a lot of people from realizing the truth; that bankruptcy can be the cure to their fears and the solution to their desperate financial situation. Bankruptcy will not ruin your credit for many years and will not take all of your belongings. Bankruptcy is a new beginning and the initial step in the process to repair your already damaged credit.

Here's how bankruptcy works. Most consumer (individual) bankruptcies are filed under either Chapter 7 or Chapter 13 of the United States Bankruptcy Code. Under Chapter 7, the purpose is to completely eliminate all of your debts within a few weeks (there are a few exceptions). In most cases, the debtor's current assets are protected and can't be sold to pay creditors. Only non-exempt assets will be used to satisfy any outstanding debts to creditors. Chapter 7 can be used to eliminate, among other things, credit card debt, medical bills, pending lawsuits, unsecured loans and lines of credit, foreclosure and repossession deficiencies, judgments, and some taxes. In order to qualify for a Chapter 7 filing, you must pass the "means test," which is an analysis of your income and expenses. If your income is proportionately high, you may not qualify for Chapter 7. In those cases, Chapter 13 is available.

Chapter 13 is typically used by those who don't qualify for Chapter 7. Chapter 13 is only available to people with regular income from any source, not just wages. The purpose of Chapter 13 is to reorganize your debts, allowing you enough income to meet your current living needs. The remaining funds will be used to pay off some portion of your debts to creditors, according to a bankruptcy plan. If you file Chapter 13, you would make monthly payments over a period of three to five years. At the end of the bankruptcy plan, your unsecured debts are discharged (eliminated), even though they have not been completely paid off. In most cases, only a fraction of the debt is repaid. Chapter 13 also allows you to keep your home and vehicle if you so choose. As with Chapter 7, Chapter 13 can be used to reduce and/or eliminate among other things, credit card debt, medical bills, pending lawsuits, unsecured loans and lines of credit, foreclosure and repossession deficiencies, judgments, and some taxes.

Filing for bankruptcy is a very difficult decision. A decision no one wants to make. However, finding out about your options with bankruptcy can ease your fears and help you make the necessary decisions to put you back on the road to financial stability. Call the attorneys of Todd E. Tkach, P.C. for a free initial consultation to determine what options you have and what options would be best for you. We will work closely with you to determine your precise financial condition and to recommend the options that will benefit you most.

With the guidance of the experienced attorneys at Todd E. Tkach, P.C., you'll glide through the complex process of bankruptcy, putting you on a new path with a fresh start. Don't live your life terrified of what might happen the next day or the next hour. Take action now. Your future can be bright again! Call the attorneys of Todd E. Tkach, P.C. now, and start down that road to financial recovery. It's time to get that monkey off your back! Call us now.