Maui Bankruptcy Consultation
You Can’t Handle Bankruptcy Alone
Bankruptcy is a difficult time for many in their lives. As the debt is
building up around them, they feel like they’re out of options and
need to find a way to escape. Unfortunately, because of the stigmas that
surround bankruptcy, many consider it the worst possible option. This
is why those of us at the Law Offices of Blake Goodman PC want to help
the residents of Maui with their bankruptcy concerns. We offer consultation
appointments that can help you not only decide if bankruptcy really is
the only option left to you, but what kind of bankruptcy you qualify for
and how you can recover from it.
Consultation appointments for bankruptcy are just as they sound. We can
use the opportunity to explain the bankruptcy process and maybe look at
your financial situation and see just how much help you need.
Scheduling a consultation appointment is not the same as filing for bankruptcy.
It’s merely exploring bankruptcy and seeing what your options are.
There is no requirement to file for bankruptcy after a consultation. It
is a chance to gain knowledge, and when it comes to your finances there
is no such thing as too much information.
What We May Need for a Consultation
It’s understandable if you aren’t sure what you will be in
need of for a bankruptcy consultation appointment. We can give you a little
bit of oversight into what you should at least be considering before you
come to speak to us in our Maui office.
When you come into your consultation, we want you to bring questions. Don’t
be afraid of something being considered a dumb question. It can be as
simple as “What is bankruptcy?” or something that requires
a little more analysis of your case like “How long will it take
me to recover from bankruptcy?” There are few questions you can
ask in relation to bankruptcy that we can’t answer.
Understand Why You Are Here
When you come in to speak with us, we want you to understand what it is
that led to you seeking bankruptcy consultation. Have you failed to pay
off credit cards due to spending more than you can afford, or did you
lose a job and couldn’t afford to pay your bills? Medical expenses,
massive changes in life — we’ve seen it all, and understanding
your specific situation will give us a better opportunity to help you.
Have an Open Mind
Bankruptcy is a scary thing, and hearing that you should in fact explore
it might give you cold feet, but think of the potential benefits of hitting
the reset button vs. trying to live with your current situation in debt.
With bankruptcy, there’s a possibility that all of your debts will
be wiped away and you will be given a fresh opportunity with your finances.
Some cases even result in a consolidated payment plan. If you try to tough
it out, then you may one day pull yourself out of debt, but sometimes
that can take far longer than it should.
The biggest step in bankruptcy is deciding that it is a necessary fix for
your finances. It’s not a quick fix by any means, but sometimes
it’s the best option available to you.
When Should I Come in for a Bankruptcy Consultation?
Look at the amount of debt you have accrued. Now consider how long it will
take to clear that debt. Is it going to take longer than 7 years? Is there
a chance of you needing to take out another loan to help pay debts? Is
there a chance of you being foreclosed on, having your car repossessed,
or having to give up valuable expensive items in order to pay off these
debts? If you fit into any of these scenarios, then you should consider
a bankruptcy consultation.
Bankruptcy can help you get out of debt faster. It’s going to hurt,
and it will not be easy, but at the Law Offices of Blake Goodman PC, we
can help you get through it and help you understand what your exact bankruptcy
plan is going to be.
The most common form of bankruptcy is
Chapter 7. This might result in you losing assets, but this is very rare. In fact,
only 1 out of 100 cases in this country result in the debtor losing any
property. That is because everything most people own is below the threshold
of what they are allowed to keep, called "an exemption." This
reset button is great for when your debt is inescapable with no real alternatives.
The downsides, of course, come in the liquidation of your assets in ways
such as potentially losing your home or any extra cars you may possess.
Chapter 7 will also remain on your credit report for at 10 years, but while
that is happening, you will have those 10 years to rebuild your credit
profile. Instead of spending 10 years in debt trying to recover, you will
spend 10 years without debt trying to build yourself up. It’s a
far better position to be in.
Whether or not to file Chapter 7 Bankruptcy is a big decision and shouldn’t
be taken lightly. So, here are some advantages of Chapter 7 that will
help you to have a better understanding.
- It prevents lenders or creditors from taking aggressive and forceful action
to collect the debt.
- Chapter 7 will stop any lawsuits, foreclosures, or car repossessions, and
allow you to decide what the best plan of action is to keep or surrender
things that you can’t afford.
- The case will force you to become more disciplined with your debt habits.
If you ever plan to take out a debt soon, then you will feel more responsible
and take better measures to make sure you don’t get in over your
- Chapter 7 Bankruptcy can protect your property, bank accounts, and wages
When your attorney files for you, you will have to appear at 1 mandatory
meeting. After that, in the majority of case, there will be no further
hearings, and your case will be over in a few short months. When you schedule
a bankruptcy consultation with us, we can help you understand this process
and see if it’s the best option for you.
Another form of bankruptcy that we frequently consult about is
Chapter 13. This form of bankruptcy has the potential to lose fewer assets and takes
all of your debts and consolidates them into monthly payments.
As you make these monthly payments, you are in turn paying off your debts
over an arranged period of time that is agreed upon in court. If you miss
payments, then you could potentially have your case dismissed and have
none of your debts forgiven, so it is imperative with Chapter 13 that
debts are repaid. There are certain stipulations that go into deciding
if you qualify for Chapter 13 ,such as how much debt you have and your
income level. If you meet the requirements, then you may qualify for Chapter
13 bankruptcy and its entire process.
Under Chapter 13, the petitioner files a case and submits a reorganization
plan that requests that after all payments are made, the debtor will be
forgiven of all remaining balances on their debts and all income and assets
will be safeguarded against levy, garnishment, repossession, or foreclosure.
It is opted for by many people, when filing a Chapter 7 filing would force
the liquidation of any unprotected assets.
The debts owed for child support, alimony payments, and recent taxes will
be paid in full in by the plan, but as in Chapter 7, student loans not
paid in full during the plan will remain non-dischargeable. The process
involves the following steps:
- The applicant has to provide the list of creditors and the amount due,
disclose all business and wage income, claim all reasonable and necessary
living expenses, and disclose recent financial transactions and certain events.
- The listing of property must also be submitted, as well as the accounting
information of all contracts and leases written in the debtor’s name.
- Tax information must be submitted, which includes a copy of most recent
federal tax return.
- The debtor also proposes a repayment plan for the debt.
- The judge will hold a hearing confirming the proposed plan. At the hearing,
it is determined whether the plan meets the basic requirements of the
Bankruptcy Code or not. If the creditors have any objection to the plan,
then they must raise these at the hearing. At last, the court enters the
- If the plan is confirmed, then the creditors are stayed from attempting
to recover any debt under the period specified by the plan’s duration.
Any creditor that fails to respect the terms of the plan often has to
face severe penalties. As long as you stick to the basic settlement, and
there are no late or delinquent payments, you will complete your plan
and receive your discharge.
Schedule a consultation with the Law Offices of Blake Goodman PC to learn more.