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If you have too much debt, can't pay your bills, or are facing the loss of your home, business or farm, bankruptcy may provide the help you need. Smithfield bankruptcy attorneys David Mills and Patty Mallory Adcroft guide individuals and businesses through the bankruptcy process, and can help you move toward financial freedom and prosperity.

What Is Bankruptcy?

Bankruptcy is a legal process designed to give people a fresh start through debt relief. For individuals in Smithfield, there are two types of bankruptcy: Chapter 7 bankruptcy and Chapter 13 bankruptcy. In both situations, the debtor is typically is released from personal liability for most of his or her debts after the filing process is completed.

Everyone’s situation is different. To learn which form of bankruptcy is right for you and your family, you should speak with an experienced Smithfield bankruptcy attorney.

Do I Need A Smithfield Chapter 7 Bankruptcy Attorney?

In a Chapter 7 bankruptcy proceeding, any unsecured debts, or debts not secured with some form of collateral, will be completely forgiven. Furthermore, there are certain types of personal property, meaning that you may be able to keep personal possessions such as your clothes, furniture and home.

Secured debts, however, are treated differently. If you file for Chapter 7 bankruptcy, you have a choice to allow your creditors to repossess your property that secures the debt, continue to make payments on your debt or pay your creditor an amount of money to replace the value of the property. 

If you want to file for Chapter 7 bankruptcy, you must first prove that you are eligible to file for Chapter 7. For example, to be eligible for Chapter 7 bankruptcy, you cannot make enough money to be able to fund a Chapter 13 bankruptcy repayment plan.

Although Chapter 7 can help discharge burdensome debt, there are some types of debt that cannot be discharged. Child support, taxes and alimony payments, for example, are types of debt that cannot be eliminated through Chapter 7.

Should I Consider Hiring A Smithfield Chapter 13 Bankruptcy Attorney?

If you have a reliable source of income, Chapter 13 bankruptcy may be an appropriate alternative to Chapter 7 bankruptcy.  

In Chapter 13 bankruptcy, individuals work with the court and their Smithfield bankruptcy attorney to create a repayment plan. Once the repayment plan has been created, the filer must commit to repaying his or her debts according to the plan for three to five years.

The amount that the you will need to pay over that time period is based upon your income level, how much debt you have, and the value that creditors of unsecured loans would have received if you had filed under Chapter 7 instead of Chapter 13.

To be eligible to file for Chapter 13 bankruptcy, you must be able to prove that your debt is under the limits for filing. If debts exceed the threshold amount, you may not be eligible for Chapter 13 bankruptcy.

One addition benefit of Chapter 13 bankruptcy is that you may be able to repay secured debts without having your property repossessed. Similar to unsecured debts, you may be able to put past due payments into the debt repayment plan, and pay them off over a period of years.

Hiring A Smithfield Bankruptcy Attorney

If you are considering filing for bankruptcy in Smithfield, you need to speak with a Smithfield bankruptcy attorney. Contact our office today to speak with attorney David Mills.

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