Myrtle Beach Bankruptcy Lawyer
Achieve Freedom from Debt - Call (843) 695-7700
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.
Emotional Struggles Caused by Debt
At Lam Law Firm, Myrtle Beach bankruptcy lawyer Huong T. Lam understands that having overwhelming debt can bring on:
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.
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.
Contact the firm today to find out more about how Myrtle Beach bankruptcy attorney Huong T. Lam can help.
What are the Benefits of Declaring Bankruptcy?
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.
Some of the benefits of filing for bankruptcy include:
- Automatic Stay
- Preventing Creditors from Taking Action
- Clearing the Slate and Rebuilding Credit
- Re-Possessing Property
- Save Your Home from Foreclosure
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.
Which Type of Bankruptcy Is Right for Me?
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.
Contact the firm today to find out more about how Attorney Huong T. Lam can help.
Chapter 7 Bankruptcy Versus Chapter 13 Bankruptcy
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.
- Are current on their mortgage and monthly vehicle payments
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.
Why choose Attorney Huong T. Lam as your advocate?
- She is prepared with nearly a decade of experience.
- You will get the personalized attention that you deserve.
- She will provide you with a clear road map on how to move forward.
- You will not be judged.
- Consultations are available to all prospective clients.
With the help of the compassionate and highly competent Myrtle Beach bankruptcy attorney from Lam Law Firm, the bankruptcy process can be quick and painless. Attorney Lam can guide you through this process, step-by-step, and help you position yourself to have a successful future that is free from debt.Call 843-695-7700 today to get the fresh start you deserve.