Montgomery County Bankruptcy Attorney
Overwhelming debt can wreak havoc on our lives in many different ways. It can prevent us from starting new careers, furthering our education, and investing in the futures of ourselves and our loved ones. Overall, owing more than we can pay is psychologically exhausting.
There is a way out, however, and our job at McCullough Eisenberg, LLC is to help you find that path as soon as possible. Bankruptcy is a complex process filled with potential pitfalls, but, with our assistance, you will have the highest possible likelihood of obtaining freedom from burdensome debt.
We also have years of experience in a variety of other legal areas, which allows us to deliver comprehensive solutions backed by in-depth knowledge and a personal commitment to your wellbeing.
Chapter 7 Bankruptcy
Chapter 7 is the fastest form of bankruptcy. After filing your petition, you can receive a debt discharge in just 4-6 months. Once your debt is discharged, you will no longer be legally obligated to pay it, which means your creditors must cease any and all collection actions.
Although it’s commonly called “liquidation bankruptcy,” most people who file Chapter 7 can protect everything they own by claiming bankruptcy exemptions. When you claim exemptions, you are shielding your possessions, funds, equity, or any other listed assets from the liquidation process. Anything that cannot be protected (i.e. your nonexempt assets) will be sold by the trustee, and the funds will be sent to your creditors. Once this liquidation process is complete, the court can discharge any remaining unsecured debt (medical debt, credit card debt, utility bills, etc.).
In most cases, you must make less than the median income for a household of your size in your state. If this is not the case, you may stay qualify, but you will need to demonstrate your need through a complex set of calculations involving your expenses, assets, and debt. This assessment is called the means test.
Chapter 13 Bankruptcy
Chapter 13 does not involve liquidation. Instead, it reorganizes your debt into a repayment plan that will take 3-5 years. Your monthly payments will go to the trustee, and the size of the payment will be calculated according to your disposable income. If you complete this payment plan, the court can discharge remaining unsecured debt, as it would in Chapter 7.
You do not need to demonstrate your eligibility through the means test, but there is a debt limit for Chapter 13. To qualify, you cannot owe more than:
- $419,175 in unsecured debt; and/or
- $1,257,850 in secured debt.
Chapter 13 is only available to individuals and sole proprietors (not business entities).
Let’s Get Started on Your Path to Financial Freedom
When you bring your financial matter to McCullough Eisenberg, LLC, you can expect comprehensive assistance and personalized guidance. Every person’s situation is entirely unique, which is why we take the time to understand your current challenges and future goals before devising an effective strategy. With 20+ years of experience, our attorney has more than just legal knowledge and skills—she possesses the personal drive to help you overcome your financial crisis and build a better future.
Over 20 Years of Legal Experience
Compassionate & Attentive
Creative Solutions Customized to Your Case
Dedication to Your Well-Being
Commitment to Making You Comfortable