Deciding whether or not filing for Bankruptcy is the right choice can be one of the hardest decisions that anyone can face for themselves and their family. Unfortunately in today’s current economy, it may be the only decision that makes any sense. Often times, the situations that we are faced with are of no fault of our own. Whether you are facing unexpected health issues preventing you from work, going through a divorce proceeding, or simply have lost your job due to cutbacks, you are not alone.
At Lam Law Firm, Myrtle Beach bankruptcy lawyer Huong T. Lam understands that having overwhelming debt can bring on confusion, frustration, anger, guilt, shame, anxiety, stress, and fear. The attorney and staff at Lam Law Firm are there to help and guide you through this difficult process so that you can walk away with a renew sense of peace. The bankruptcy process can become very overwhelming and confusing for many of our clients. We understand that. It is our job to not only help you successfully discharge your debt, but also to help explain the complexity of bankruptcy rules and procedures in a way that you can relate to and understand. It is hard to believe that there is light at the end of the tunnel while you are sinking in a sea of debt. We can help shed some light onto your situation so that you can begin your journey to that new beginning.
Why choose Attorney Huong T. Lam as your advocate?
Contact the firm today to find out more about how Attorney Huong T. Lam can help.
Many believe that filing for bankruptcy will harm their financial future and plummet their credit score, but this is a common misconception. Our Myrtle Beach bankruptcy attorney often tells her potential clients that they actually appear more attractive to creditors post bankruptcy filing than before. After bankruptcy, their debt to income ratio is much lower and therefore is more attractive to creditors should these clients decide to purchase a home or vehicle in the future.
Bankruptcy allows you to clear the slate and start to rebuild your credit. Furthermore, bankruptcy stops all creditor harassment from the moment your case is filed. More importantly, bankruptcy can save your home from going into foreclosure.
Most people decide whether to file either Chapter 7 or Chapter 13 bankruptcy. Our Myrtle Beach bankruptcy attorney will first perform the “means” test to determine which chapter you qualify for. The “means test” examines your gross yearly combined income for the number of people in your household and determines whether you qualify for a Chapter 7 or Chapter 13 bankruptcy. Furthermore, your Myrtle Beach attorney will also examine your financial situation more closely to determine which Chapter is best to save your home or vehicle should you be behind on the monthly payments.
Chapter 7 allows the debtor to have the Court “discharge” or cancel most of his or her debts to obtain a fresh start. Typically, Chapter 7 bankruptcy works best for people who:
Have low income and very little assets
Have unsecured debts such as medical bills, credit cards, personal loans, etc.
Chapter 13 bankruptcy allows the debtors to pay back a portion of their unsecured debts through the bankruptcy court over a period of 3-5 years. Typically Chapter 13 bankruptcy works best for people who:
Have higher income
Are not current on their monthly mortgage or monthly vehicle payments but wish to keep these assets after filing for bankruptcy
Have assets that would typically not be protected by the allowable exemptions.