Lummis, Lloyd & Barkley Now Practicing Bankruptcy Law
5/4/2011 1:26:57 PM

 Now, people with limited financial means who are having difficulty paying their debts can turn to Lummis, Lloyd & Barkley for information on what bankruptcy is and for help getting through the bankruptcy process. Following are some frequently asked questions and responses that may answer some of your initial questions about filing for bankruptcy:

What is bankruptcy? Bankruptcy is often seen in a negative light, but at Lummis, Lloyd & Barkley, bankruptcy is viewed as a procedure designed for honest people who simply have trouble paying their debts. Bankruptcy gives honest people a fresh start, relieving them of the responsibility for paying most, if not all, their debts.
Bankruptcy is a federal, court-supervised procedure that eliminates financial obligation through discharge. Certain nonexempt assets of the debtor are then sold, with proceeds going to creditors. Of the four types of bankruptcy, the most common is Chapter 7 bankruptcy or liquidation bankruptcy.

What kind of debt can be discharged? Lummis, Lloyd & Barkley can file a petition on your behalf to eliminate debt like: unsecured credit card debt, medical bills, payday loans, utility bills, back rent, uninsured accidents, judgments, over drafts, deficiencies on repossessed vehicles, certain types of tax debts and other debts.

Who is bankruptcy for?
Bankruptcy is for people with limited financial means who are having difficulty paying their debts. Most people who file for Chapter 7 bankruptcy find themselves in debt because of economic reasons like job loss or wage decreases, health reasons like serious illness and lack of health insurance, family issues like divorce or death of a family member, or because of rising interest rates.
A person’s decision about filing bankruptcy depends upon her or his need for relief from debt and her or his ability to make payments. You must also be willing to accept the long-term consequences on your financial life. Attorneys at Lummis, Lloyd & Barkley can help you decide if bankruptcy is the right choice for you.

Why should I consider filing Chapter 7 bankruptcy? Filing for bankruptcy can eliminate some or all of your debt, meaning relief from debt obligations and collection efforts, including harassing phone calls and utility shut off. Bankruptcy can help you keep your property by relieving you of debt or offering a restructure of payments to make them more manageable.

It is imperative that people who are thinking about filing bankruptcy talk to a lawyer first. An experienced lawyer can tell you qualify for bankruptcy, and can help you determine if Chapter 7 bankruptcy is right for you. In short, a law firm like Lummis, Lloyd & Barkley can help lead you through the process of filing for bankruptcy and give you a fresh start.

For more information about filing for a Chapter 7 Bankruptcy, please contact us at (715) 341-3170 to schedule your free consultation with one of the attorneys from Lummis, Lloyd & Barkley. You will always receive personal service from our office.