Understanding the Basics of Bankruptcy

Looking at Your Options

Should I consider bankruptcy? Whether or not to file for bankruptcy or seek another debt solution for extreme debt is certainly on the minds of many hardworking individuals today. You may be facing overwhelming credit card debt. You may be threatened with the loss of your home, in need of foreclosure defense. You may be experiencing angry creditors, even creditor abuse.

Instead of wondering what to do, let a dedicated attorney help you to get back on your feet. Through personalized service and individual attention, Price Law Group has assisted thousands of people, just like you, to find the right solution to put order in their finances and get their lives back on track.

Debt Relief Solutions

The firm serves clients nationwide, and through membership in the National Association of Consumer Bankruptcy Attorneys (NACBA), maintain a voice for you in the halls of Congress, the Judiciary and other arenas affecting consumer debtors. Further, the professionals at Price Law Group retain an A rating for business reliability and performance with the Better Business Bureau. You can trust the firm for compassionate, kind, professional service and debt relief solutions that fit your circumstances.

Chapter 7
Known widely as "liquidation" or "straight" bankruptcy," Chapter 7 provides filers, who have fewer assets, needed protection from creditors and relief from overwhelming and burdensome debt. It allows you to clear or cancel most (or all) of your outstanding debt quickly and to make a fresh start financially.

Chapter 13
Chapter 13 bankruptcy, often called "wage-earner's bankruptcy," provides individuals in higher income brackets needed relief from creditors and debt with a creditor payment plan through a bankruptcy court. The plan is tailored to your financial situation and allows you to pay off creditors in installments until such time as the debts are fully satisfied.

Alternatives to Bankruptcy

The firm provides comprehensive alternatives or additions to bankruptcy proceedings:

Credit Repair
After your Chapter 7 or Chapter 13 bankruptcy has been discharged, the next step that needs to occur is the repair and restoration of your credit. Many people do not know that the Fair Credit Reporting Act (FCRA) gives individuals the right to correct false or incorrect information on their credit reports.

Foreclosure Prevention
Foreclosure is the legal process by which a lender reclaims a home or other property to regain the outstanding balance on a mortgage or loan. Filing bankruptcy stops the foreclosure. Bankruptcy and any action must be taken quickly to prevent the loss of your home. Consulting a qualified professional knowledgeable in bankruptcy law and foreclosure proceedings could save you and your family the heartache of losing your home or other valuable property.

Loan Modification
A loan modification is a process by which new terms are worked out on an existing loan agreement. Time, perseverance and dedication are the qualities needed to successfully negotiate a loan modification. Consulting bankruptcy professionals experienced in this process is a causative step toward satisfying a loan agreement under less burdensome terms.

Short Sale Negotiation
Negotiating a short sale is sometimes the best solution for an individual. A short sale is an agreement between a homeowner and the lender(s) to sell the home for less than the amount owed. Proceeds from the sale are turned over to the lender(s), which may fully satisfy the debt. At Price Law Group, the attorney will know the different options available to you; a short sale may be right for you.

Debt Settlement
Debt settlement is a process in which your attorney contacts each of your creditors to negotiate a settlement with them that consists of a portion of the total debt owed. It is a complex process best managed by nationally respected financial professionals. The legal team at the firm has a proven track record of helping tens of thousands of people just like you using this debt management tool.

Creditor Abuse
If you have been abused or harassed by creditors the firm can help. Creditors have the legal right to collect debts owed to them, however, harassing or threatening those who owe these debts is not legal. The knowledgeable attorneys of Price Law Group understand both state and federal law governing fair debt collection practices and will work diligently to silence abusive creditors. .

Insurance Settlement
When you have fulfilled your obligation to your insurance carrier by paying your premiums in good faith, you expect them to fulfill theirs in your time of need. When your insurance company delays payment, low-balls the settlement amount, falsely denies your claim or otherwise acts in bad faith, they become part of the problem. The solution is to seek the help of an attorney from Price Law Group.

Tax Resolution
In tough times when income just covers the basics of survival, getting behind on tax payments can happen. A business downturn, a serious illness, can lead to a missed payments, unfiled returns and large penalties. You may face the IRS or a state tax agency knocking at your door. An attorney from Price Law Group can find solutions for business owners and individuals to seemingly insurmountable tax problems.

Do I Qualify for Bankruptcy?
In order to find out if you qualify for a Chapter 7 bankruptcy, you will submit a "means test" to the bankruptcy court. Your income will be compared with the median income of a family of your size in the state in which you live. When your income falls below the median, you qualify for Chapter 7 bankruptcy. If higher, there are other beneficial solutions.

Common Bankruptcy Myths
Often times it may seem overwhelming and despairing to consider bankruptcy, especially with myths that make it out to be something scary and confusing. With the appropriate legal help, you can decipher the best option for you and dismiss misconceptions that may be holding you back from debt relief.

How Much Does Bankruptcy Cost?
Since no two financial situations are the same, no two bankruptcies will be completely alike. Additional or optional debt relief remedies may apply. If it is decided that bankruptcy is the right choice for you, which type you can file and additional services you may need or choose determines the cost. A free consultation with an attorney from Price Law Group will get you started.

How Can I Save My Home?
Many effective alternatives to foreclosure are available to homeowners. When foreclosure proceedings are imminent, property owners can feel they are without options. An attorney from Price Law Group can guide you through the financial relief method that best suits your circumstances.

What is FDCPA?
Fair Debt Collection Practices Act (FDCPA) is a set of laws that were enacted by Congress in 1978 to protect the rights of consumers, as well as to delineate the boundaries to which debt collectors must adhere in the pursuit of debt.

Wage Garnishment
Wage garnishment is a remedy for a creditor who has won a lawsuit against you. Once a judgment has been made in favor of the creditor, an order is sent by the court to your employer. Your employer must deduct a portion of each of your paychecks until the debt is paid. Bankruptcy halts wage garnishment.

Short Sales
An attorney from Price Law Group is well-versed in handling loss mitigation-related real estate transactions. Effectively navigating the short sale negotiation process while remaining sensitive to the needs of the parties involved are valuable skills from which clients can improve the potential for approval of their short sale.

Estate Planning
Estate planning is one of the most important steps any person can take to make certain their final property and health care wishes are honored, and that providing for loved ones is accomplished in a timely manner. An attorney from Price Law Group can explain all options available to you in meeting your estate planning goals.

Fair Debt Collection Practice Act
When a debt collector becomes abusive, you may have the option of taking legal action. The goal is to end the financial strain clients may be suffering under the burden of heavy debt, including filing suit against an unethical debt collector. Several debt relief solutions and financial management tools are available to you through counsel with a Price Law Group attorney.

Foreclosure Defense
When you are worried about losing your home, you are not without options. One course you may take is bankruptcy, but there are others. A caring and knowledgeable bankruptcy attorney experienced with foreclosure proceedings can expose possible unethical practices by the lender or mistakes in the lender's foreclosure suit.

Repossessions
It is important to know your rights with regard to repossessions. Having a skilled negotiator in your corner when emotions run high and your livelihood may depend on keeping your vehicle, cannot be overrated. It is possible to get your car or truck back, but you must ask fast.

Legal Help You Can Trust

At Price Law Group the legal team knows that fulfilling your obligations is important to you. When times are tough and that idea is buried with you under the weight of heavy debt, the firm would like the opportunity to help. The goal is to get back on top, care free and able to meet your obligations. Taking causative action is simple. There are likely many debt relief tools and remedies available to you.