Many people’s finances have been hit hard by circumstances largely beyond their controls. Various economic factors have caused many American workers to lose their jobs. The dream of home ownership has been swept out beneath many people because of the real estate bubble and the mortgage crisis – both of which have penalized homeowners by not only costing them equity in their homes, but also by forcing them as American taxpayers to bail out the big banks who contributed to the mess. The stock market crashes over the last decade has caused many people to delay or even forego retirement. And to top it all off, none of these scenarios will improve so long as the Federal Reserve Bankers and the politicians allow the dollar to depreciate by printing more of them than ever before.
While filing for bankruptcy won’t solve national and international economic troubles, it can bring hope to many people whose finances have suffered as a result of those or personal crises in their lives. Many individuals and married couples can get a fresh start by filing for Chapter 7 Bankruptcy. This kind of bankruptcy can eliminate medical bills, credit card bills, and put an end to annoying creditor calls. It allows many people to keep their home and automobiles so that they are not left destitute. It really can be a fresh start.
There is a common misperception that the Bankruptcy Abuse Prevention Act of 2005 (BAPCA) makes is extremely difficult to file for Chapter 7 Bankruptcy. While the BAPCA made more hoops for debtors to jump through and more work for lawyers to help them along, many people still qualify for Chapter 7 Bankruptcy. As a debtor, you need to fall at or below your state’s median income level based upon your family size or be able to pass the “means test” or a “presumption of abuse” will arise. If a “presumption of abuse” does arise, a showing of “special circumstances” may still qualify your debts to be discharged under Chapter 7.
If you are experiencing financial troubles and the symptoms that come with them – stress, frustration, arguments with your spouse over finances, or others – contact William today to schedule a free consultation. He will listen to you, gain an understanding of your financial position, and advise you whether he believes that bankruptcy or another method of debt relief is right for you. You will never be pressured by William or any O’Connor Law, PLLC, staff to file for bankruptcy. But if you decide that Chapter 7 Bankruptcy can provide you with a fresh start, William will be there to guide you along every step of the way.