Should You File For Relief?

Call us at 603-373-1600 if you do not know if bankruptcy can assist you.

If you are an individual with credit card debt, you will hear or see advertisements for any number of services that claim they will help you avoid bankruptcy. Call us at 603-373-1600 before you sign up for their monthly payment plan. We can help you, even if you do not decide to retain us. We can suggest other well known bankruptcy lawyers who can help, and, your local bankruptcy lawyer is almost always more effective for achieving your goals than the nationally advertised debt consolidation companies. We are happy to help either by representing you ourselves or directing you to another bankruptcy attorney.

If you are a business in difficulty, we can assist in evaluating the prospects for effective use of the bankruptcy code to resolve the issues. Those prospects might involve the use of bankruptcy, or they might involve some other technique. It may be that the best advice is to bring in a business consultant and not a lawyer at all.

We are happy to help even if it, in the end, we only work (or talk) ourselves out of an engagement.

Seasoned Attorneys Assisting Clients In Chapter 7 And 13 Bankruptcies

For over 30 years, clients facing difficult financial circumstances have come to us for assistance with Chapter 7 or 13 bankruptcies. Most people seek bankruptcy protections under Chapter 7 or Chapter 13 because of events outside their control. Most personal bankruptcies result from unanticipated medical expenses or changes in family situations such as a divorce or the loss of employment. No matter the reasons why bankruptcy has now become necessary, Ford, McDonald & Borden, P.A., is here to support and guide you through this difficult and stressful process as efficiently as possible.

Which Path Is Right For You: Chapter 7 Or Chapter 13 Bankruptcy?

It can be difficult to understand your options, and that is where our attorneys can help you. Bankruptcy is a stressful and complex process. That is why it is important to seek counsel before embarking on this process.

Under Chapter 7, individuals and corporations can discharge their debts in a way that leaves them mostly debt free by the end of the bankruptcy proceedings. The basic statutory exchange is that the debtor discloses their financial condition (including all assets, debts, income and expenses) to creditors, the Trustee sells any non-exempt assets and pays creditors the proceeds. The non-exempt assets are typically few or none but you need to be careful. Most often (but not always) if you have a home or a car you will attempt to keep it, and if you can pay the mortgage or car loan, mostly,  that happens. To apply for Chapter 7 bankruptcy protections, you must pass the means test employed by the court, which requires that your income after qualified exemptions is lower than the median amount of other similar households.

Chapter 13, on the other hand, is for individuals (even those engaged in business) with a stable income and non-contingent, liquidated debts of less than $2,750,000.00 (and that amount drops significantly on June 21, 2024).  Chapter 13 permits a payment plan and reduces the principal on unsecured debt based on your projected disposable income.  Chapter 13 can be an option for people who fail to qualify for Chapter 7.

Ford, McDonald & Borden, P.A., can help you determine which plan is right for you. Our attorneys can offer you counsel and guide you through the process.

Chapter 7 Bankruptcy Trustees