Bankruptcy Attorney in Medford
For more than four decades the legal team of Shlesinger & deVilleneuve, has been helping average Americans who are facing financial devastation due to losing a job, unexpected medical bills, or real estate that has lost value. While anyone can be touched by the devastation of bankruptcy, it typically strikes dedicated and hard-working middle-class people who – after trying for as long as they could to get by – are left without any other choice but to file bankruptcy. There are six main reasons that people declare bankruptcy:
- Medical Expenses: This is the number one reason cited for filing for bankruptcy. In fact, 62% of all bankruptcies are because of the accumulation of unplanned medical expenses
- Job Loss: Economic downturn often result in massive layoffs and job loss; sometimes it is very difficult for people to secure employment at the same level as before
- Divorce/Separation: Going through a divorce can cause extreme financial burden because of division of assets, legal fees, and spousal/child support.
- Foreclosure or Short Sale: Economic downturn has a devastating impact on the real estate market leaving many people with homes that have lost value and mortgages they are unable to afford.
- Unplanned/Excessive Use of Credit: The over use of credit cards, car payments, mortgages, and installment debt often will lead to bankruptcy
- Unexpected Expenses: Unforeseen natural disasters can cause property damage that is unrecoverable because the homeowner does not carry property insurance.
Chapter 7 & 13 Bankruptcy Attorneys
At Shlesinger & deVilleneuve, we have a complete bankruptcy division headed by our expert financial attorney, Kevin Swingdoff. With over 25 years of experience, Kevin is dedicated to helping people in the midst of financial crisis, and will compassionately counsel you on your options, and guide you through the entire process. He can provide you the information that will guide you in making the decision of which type of bankruptcy would best suite your circumstances.
The process of filing for bankruptcy is meant either to eliminate many debts, or repay them over a period of time. Bankruptcy falls into two categories, Chapter 13 or Chapter 7. Regardless of which type you file, you will be provided some relief of your financial burden. However, filing bankruptcy, no matter which type, will have a negative effect on your credit for a maximum of seven years, and there are certain types of debts that will not be relieved. These include child support, owed taxes, spousal support, and student loans.
Chapter 7 Bankruptcy: Filing Chapter 7 is meant to relieve most of your debts; in other words, you won’t be responsible for paying them. However, the real estate or property that you own can not be included in a Chapter 7 filing and will instead have to be sold. The proceeds of the sale will be paid toward the overall balance that you owe. The main benefit of a Chapter 7 filing is that you will not be required to pay a majority of the bills you currently owe.
Chapter 13 Bankruptcy: Filing Chapter 13 helps to rearrange your debt so that a repayment schedule can be designed. Following this plan, you pay either a part of or all of the debt owed. Typically, the repayment plan will stretch over a three to five year period. The main benefit of Chapter 13 is that you are permitted to keep your real property.
If you are struggling with debt and worried about losing your home or property, it may be time to consider filing for bankruptcy. At Shlesinger & deVilleneuve of Medford, we can help you successfully negotiate what is often a very long and complex process quickly and successfully! Call our office and schedule your free consultation. We can provide you information about the best options for your circumstances and will provide you with our fee structure for managing your bankruptcy case. At Shlesinger & deVilleneuve we are passionate about guiding you back to financial freedom!
Fill out the form below to schedule a free in-person bankruptcy consultation with attorney, Kevin Swingdoff.
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