Overcoming Your Personal Debt Through Bankruptcy
When your debt starts to consume your life, you may feel overwhelmed. You do have debt relief options, however. Bankruptcy can help you either eliminate or reorganize your debt, and give you a fresh start. Bankruptcy is not guaranteed or automatic, however. You must qualify under bankruptcy laws.
I am Kell C. Mercer, and I offer bankruptcy advice and representation for individuals and businesses seeking debt relief. I have over 20 years of legal experience, and after many years as a partner in large law firms, I decided I wanted to take a different approach. I opened Kell C. Mercer, P.C., to offer the personal attention and reasonable fees of a small firm, combined with the experience and knowledge of a large firm, along with an open-minded and collaborative approach to finding a solution that will work for you.
Is Bankruptcy Right For You?
Not everyone qualifies for bankruptcy. Together, we can review your debt and assets to determine if bankruptcy will be the best option for you. Individuals can file for bankruptcy under the following chapters:
- Chapter 7 – Chapter 7 wipes out most or all of your debt, but you have little opportunity to keep secured possessions like a house or car. For some, this is the best option, but it is also the hardest to qualify for.
- Chapter 11 – Chapter 11 is the easiest option to qualify for and allows you to keep all of your assets. It does not eliminate your debt, however. It lets you reorganize your debt and restructure your payments.
- Chapter 13 – Chapter 13 is only available to individuals, and it does have asset and income requirements to qualify.
Most of my clients file for Chapter 11 either because they do not qualify for the other two or because they want the flexibility offered in Chapter 11. I assist many small-business owners who use Chapter 11 for business reorganization, and may need to file for personal bankruptcy as well.
What Debts Can Be Discharged?
You cannot discharge, or eliminate, all debts through bankruptcy. Examples of debt that you cannot discharge include:
- Tax liens
- Student loans
- Child and spousal support
- Debt obtained through fraud or misrepresentation
You may be able to keep certain debt secured by collateral, such as a house or car, if you are current on your payments and can continue to make your payments under the proposed plan.
Discuss Your Bankruptcy
Bankruptcy is a complex process. Before you move forward on a bankruptcy, make sure you have the legal advice you need. I am ready to help you understand your debt relief options.