The Law Offices of
B J Fadem & Associates, APC
Certified Family Law Specialist
Bankruptcy as a Solution
Bankruptcy can be a viable solution for many people who are facing overwhelming debt. Several chapters of the status exist, and each chapter pertains to a consumer or business according to its financial makeup. A reliable specialist can help a curious person to decide whether he or she would qualify for such a filing status. An approved bankruptcy status could alleviate financial obligations for some people who are currently having a difficult time.
What Is Bankruptcy?
Bankruptcy is a legal status that says that a person or business is unable to pay debt. A judge approves the status when the applicant or his or her attorney proves that he or she is eligible. To qualify for bankruptcy, the applicant must have an income that is less than the amount of money that he or she owes to various creditors. Additionally, the applicant must earn less than the state median. Chapter 7 and Chapter 13 bankruptcy are for individuals rather than businesses. Chapter 7 is a chapter that can free the debtor from all obligations. Chapter 13 is a chapter that requires the debtor and his or her attorney to devise a repayment arrangement. People who do not qualify for Chapter 7 usually qualify for Chapter 13 because their income is too high.
Where to Go for Bankruptcy Help
The Law Firm of BJ Fadem and Associates can help an individual debtor or a business to apply for bankruptcy. An interested party can call the main number to arrange a meeting with one of the caring attorneys at such a firm. The firm may specialize in a wide variety of topics aside from bankruptcy. A caring representative can assist with matters such as divorce, custody, separations, annulments, visitations and the like. Additionally, the firm can help a person who would like to establish paternity.
The first step in filing for bankruptcy is seeing a professional to ensure that the applicant is qualified for the status. Knowing beforehand is best because of the fees associated with filing for the status.