A financial crisis may arrive suddenly, or it may creep up on you. One month, you feel you are in control, and the next month, you may be a little worried, and a few months later, you wonder what happened. I’m attorney Yvette Kleven, and I understand all the ways your finances can spin out of control, and I can help you deal with this effectively and efficiently.
I have 35 years of experience working with bankruptcy laws, and I provide the guidance you need to successfully manage and eliminate overwhelming debt with a Chapter 7 or Chapter 13 bankruptcy. I will take the time to discuss your financial situation and explain the bankruptcy laws and process, and I will work with you to determine the options best suited to resolve your debts.
Debt Relief And Stress Relief
Dealing with overwhelming levels of debt can produce a great deal of stress. The contestant phone calls and debt collection letters. The embarrassment of phone calls at work or the risk of your vehicle being repossessed or your home going into foreclosure can increase your distress and lead to sleep loss and additional health problems.
When you file a bankruptcy, the law creates an “automatic stay” that stops all collection activity on your debts. Creditors and collection agencies must immediately stop calling or mailing you collection notices. They are forbidden from repossessing a vehicle or starting foreclosure proceedings. This gives you some time to develop a meaningful strategy to deal with your debts. This is where I can help. I’ll work with you to determine the best path forward and help you achieve your debt relief goals.
A Chapter 7 is sometimes known as liquidation bankruptcy and is most helpful for individuals with few secured assets. It allows you to eliminate much unmanageable debt, whether caused by medical and health care problems, the loss of a job or credit cards. I recognize that many people are a paycheck or two away from being underwater with debt and overwhelmed.
Chapter 7 offers genuine relief from debt, actually eliminates the debt, unlike many debt consolidation programs that merely move the debt around. It typically takes about 120 days, and most people retain the majority of their property. Most Chapter 7 bankruptcies are filed as “no-asset” cases, meaning there is no property for the trustee to liquidate. Chapter 7 makes real the bankruptcy code’s promise of a “fresh start.” I can help you through determining if you qualify for a Chapter 7 by the means test and assisting with filling out all the necessary forms and schedules.
Chapter 13 takes longer than a Chapter 7 but allows individuals to keep a home with a mortgage or a car with an outstanding loan. With a Chapter 13, you create a “Chapter 13 Plan” that works like a budget and allows you to make payments on a mortgage, a car loan and sometimes a portion of other debts, depending on your income.
The Chapter 13 plan typically lasts between three and five years. It can be very valuable if you have mortgage arrears, as they can be repaid over the full five-year duration. This type of flexibility can allow you ‘breathing space’ to regroup and recover from a financial crisis.
It can also help you deal with issues like student loan debts, which can be difficult to discharge in bankruptcy. By freeing up income from dischargeable debts like medical bills and credit cards, you can have enough to make real progress with your other debts.
Contact Kleven Law, LLC
Kleven Law, LLC, is a debt relief agency that helps people file for bankruptcy relief under the Bankruptcy Code.