Charleston Chapter 7 Bankruptcy Attorney

There are few things more stressful than dealing with large amounts of debt. When you are facing mountains of debt, you may also be dealing with constant calls from debt collectors, could receive notices of asset seizures or foreclosure, and may be concerned about your ability to provide for yourself and your loved ones. At the office of Hinkle Law, PLLC, our Charleston Chapter 7 bankruptcy attorney understands what you’re going through and knows that you are looking for a solution that works. When you call our law firm, we can guide you through your financial options, including bankruptcy. Throughout the entire process of improving your financial future, our lawyer will be by your side to provide advice, guidance, and support. To learn more about Chapter 7 bankruptcy and what your options are for dealing with debt, please text or call us directly today.

Options for Managing Financial Health

Dealing with large amounts of debt can be overwhelming. If you are like most people who are facing large amounts of debt, you may not know what your options are or how to move forward in your life. Trying to put together a budget can feel impossible, and incurring more debt to pay off the old and keep yourself afloat may seem like your only option. If you have been thinking about the best way to seek financial relief, bankruptcy may be a consideration..

Filing for bankruptcy may indeed be a great way to get the financial relief you need, but it’s probably not your only option. When you call the office of Hinkle Law, PLLC, our bankruptcy attorney in Charleston will help you to understand alternatives to bankruptcy. You should always explore all of your alternatives to bankruptcy first; bankruptcy can offer financial relief, but is also a big decision that can have large consequences.

Some alternatives to filing for bankruptcy that may be key parts of managing your financial health include:

  • Debt consolidation. Debt consolidation is often a good choice for debtors who are facing multiple sources of debt and therefore are contacted by various creditors requesting payment. With debt consolidation, all debts are rolled into a single, large debt, and then a loan is taken out to pay this one debt. This can be beneficial for keeping track of debts and understanding payment obligations; however, it can also be difficult for a person to make a single large payment on a regular basis if they don’t have the income to do so. It’s important to talk with a professional, such as an attorney, about this option and whether or not it’s feasible for you.
  • Loan modification. If you are struggling to pay back a large loan, such as a mortgage loan, and are at risk of losing your property or having your home foreclosed on; mortgage loan modification might be an option. A mortgage or loan modification is a process whereby the original terms of the loan are modified in a way that makes them more manageable or favorable to the borrower. For example, the monthly amount due may be lowered, with the duration of the loan extended. Loan modifications are often a win-win for both the borrower and the bank, as the bank wants to get paid. If a borrower isn’t able to make payments based on current terms, the bank is disadvantaged, too.
  • Debt negotiations. One option for seeking financial relief and getting a handle on one’s debts may be debt negotiations. Debt negotiations refer to a process during which the creditor/lender and the borrower negotiate about the existing amount of debt in order to reach an agreement about the amount of debt that a borrower needs to pay off and the terms of that repayment. In many cases, the creditor may agree to reduce the amount owed significantly in exchange for the guarantee that they will get a partial repayment. In many cases, getting partially repaid is better for the creditor than not getting repaid at all. While debt negotiation can be effective, these types of negotiations are often tricky, and it is best to have an experienced attorney represent you throughout the process.
  • Debt management program. Finally, a debt management program may be another option for getting control of your finances. A debt management program can resemble a Chapter 13 bankruptcy in that it involves assessing your current financial situation and all of your assets and debts and then creating a repayment plan based on debts, liabilities, and income. This is a good option for debtors who have a source of income and are able to repay some or all of their debts with proper organization and financial management.

Why Filing for Bankruptcy Might Be Right for You

While one or a combination of the above options may be for many debtors, if you have very large amounts of unsecured debt, having already tried the above options, and do not have a source of income or a large enough source of income to make payments on your debts, bankruptcy may be the best option. By filing for bankruptcy, you are entering into a court-facilitated process of managing your debts. During a Chapter 7 bankruptcy, also known as liquidation bankruptcy, you and your attorney will work together to document all of your debts and liabilities, as well as all of your assets and income. The bankruptcy trustee assigned to your case will be responsible for identifying your nonexempt assets and liquifying them—in other words, selling them and using the proceeds to pay back your creditors to the extent possible. After this, the remaining debts will be discharged or forgiven.

Filing for bankruptcy can have some major benefits, including

  • Initiating the automatic stay, which puts an immediate hold on creditors’ legal right to contact you and collect on debt;
  • Kick-starting a court-facilitated process of paying your debts to the extent possible and discharging remaining debts;
  • Proving you with a clean slate and an opportunity to start rebuilding your financial picture without lingering debts.

It’s important to note that filing for bankruptcy can also have some disadvantages too. Our lawyer can help you to understand these drawbacks and make the decision that’s right for you.

How a Chapter 7 Bankruptcy Attorney Can Help

When you call our Charleston Chapter 7 bankruptcy attorney at Hinkle Law, PLLC, you can count on representation from a dedicated professional who wants what’s best for you. Bankruptcy isn’t right for everyone, but everyone should have a plan in place for getting the help they need to manage their finances. Our lawyer will guide you through your options and provide you with assistance and representation every step of the way, and can provide long-term support. Call today to schedule a consultation or ask any questions that you have.