Money problems can have a serious impact on more than just an individual's finances. Relationships can become strained, your reputation at work can be compromised and your ability to provide for the people closest to you can be sacrificed. This can do a number on your self-worth as well.
Bankruptcy is an opportunity for individuals to admit that they are struggling and give themselves a fresh start. This is an opportunity to rebuild a financial life that is healthier and more secure. Regardless of why you may need to declare bankruptcy, an experienced attorney can help you navigate the process as seamlessly as possible so that you can focus on what matters most to you.
At Medvesky Law Office, LLC, we work with a variety of individuals who are seeking debt relief through filing for:
At our firm, we are dedicated to giving you the personal attention and service you deserve as you navigate this difficult time. We will listen carefully to your needs and concerns as we guide you toward an outcome that serves your best interests.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
Bankruptcy FAQs
No. There are many reasons why a person might unintentionally accumulate more debt than he or she can pay such as extraordinary medical expenses, loss of employment, even predatory high-interest loans. A fundamental goal of the federal bankruptcy laws is to give debtors a financial fresh start from burdensome debts.
Our bankruptcy team understands the many causes of unmanageable debt. We do not judge our clients. The only questions we ask about your debts are those that are important in order for us to help you solve your debt problems. On the other hand, if you want to talk about why your debts are so high, we are more than willing to listen because we know that is an important part of how we can work together to solve your issues.
Yes. A bankruptcy discharge releases a debtor from liability from specific debts, like credit cards, medical bills, utilities, service/repair bills, etc. and prohibits creditors from ever taking any action against the debtor to collect those debts.
Debts that are "secured" like a home mortgage or car loan, are not discharged if you keep the collateral (e.g. a house, a car). However, if you are willing to surrender the collateral, these debts can be discharged under a Chapter 7 bankruptcy. If you’ve fallen behind on your payments, Chapter 13 may be used to assist you in curing the existing arrears, while enjoying the protection of the Court’s Automatic Stay throughout the process in doing so.
Yes. Nationwide over 1.1 million people filed for bankruptcy in 2012, over 1 million in 2013 and over 900,000 through September 30, 2014.
Sometimes. There are often alternatives for managing debts. The important question is what is best for you. Bankruptcy is a powerful remedy but it may not be right for everyone. Some of the alternatives to filing for bankruptcy include negotiating with each creditor, debt counselling services or a debt consolidation loan. We will discuss these with you to determine what is best for you.
Yes. We offer a free initial consultation of up to one hour with one of the attorneys on our bankruptcy and debt management team.
Call us for a free estimate of fees.
Contact our office to arrange for a free initial consultation
We will send you a basic questionnaire about your assets, debts and income which you should complete and bring with you to the initial conference
At the initial conference:
you can any ask questions you have;
we will ask you questions about your income, assets and debts;
based on the information you provide, we will initially discuss your options and which might work best for you;
we will explain the basic process of each of the options available to you;
we will explain how we will charge you for our services after the free conference and we will provide you with a written fee agreement.
If you sign the fee agreement and elect to pay the non-refundable retainer we quote we will give you an additional questionnaire to take home, complete and return to us.
We will analyze the information you provide and recommend how best to manage your debts.
Once we have agreed upon the best plan for you, we will ask that you pay the balance of the fee we have quoted and then we will represent you and help solve your debt problems.
Yes. You will be given a plain-language, written fee agreement explaining when and how much you must pay. Once you have read and agree to the terms of the fee agreement, then you must pay the amount specified before we will do any legal work for you.
Yes, you will need to attend a Meeting of Creditors which is held by a bankruptcy trustee. The trustee may ask you questions about your income, property and debts. Because of the extensive preparation we do with you, you will be prepared to answer those questions. Your creditors may attend and ask you questions but rarely do. One of our bankruptcy attorneys familiar with your case will be there with you to guide you.
It depends. Generally, if a creditor cancels or reduces a debt you owe, it will be considered income to you and taxable. This is not typically the case if the debt is discharged in bankruptcy . There are some other more complicated exceptions to this tax rule that might apply to your situation. We would recommend to you that you seek the advice of an accountant or other tax expert with any tax-related questions.
Probably within a few years, provided that you take advantage of the benefit you receive from a bankruptcy and begin to re-establish a good credit history.
Not necessarily. Often times, people file for bankruptcy to save their home.
Yes. Filing for Bankruptcy can stay foreclosure proceedings and even a sheriff’s sale. This stay will provide you and your attorney the time you need to decide how best to manage your debts going forward and to determine if you wish to attempt to keep the house or move to another residence.
No. However, for people who meet very specific criteria, student loan debt may be forgiven over time.
No, as long as you have sufficient income to continue to pay for your vehicle, you will not lose your car. Even if your payments are behind and your car is threatened by repossession, a Chapter 13 bankruptcy may be used to cure the existing arrears.
No, but if you are living together we will need to review your spouse’s income. We will then be able to advise what is best for you.
For a Chapter 7 bankruptcy it will take approximately 4 months. A Chapter 13 bankruptcy lasts from 36 to 60 months to complete.
An employer is prohibited from terminating your employment based on the fact that you’ve filed for Bankruptcy relief. However, it could affect security clearances that you maintain for your employment, and, hence, affect your ability to remain employed in that position. In addition, some new employers ask about financial information on their applications for employment and it could affect whether you are hired on not, depending on the specific position you are seeking.
You have the right to stop creditors from harassing you. We will advise you how. If you hire us, we will make sure the creditors the creditors no longer contact you.
