Maine Bankruptcy Lawyers
Our attorneys can help you improve your financial situation
Everyone has bills to pay, but sometimes, debt can spiral out of control and become an overwhelming financial burden. Bankruptcy offers you a chance to start over. There are different types, however, each with their own eligibility requirements. The experienced bankruptcy lawyers at Jabar LaLiberty, LLC can guide you through the process step by step.
Our firm has been helping people in Waterville, Portland and throughout Maine with bankruptcy and other cases since our founding in 1979. We know the impact that bankruptcy can have on people and their families. We’re dedicated to helping you get the best possible outcome. It’s one reason we’ve earned a reputation as lawyers that Mainers trust.
Why do people file bankruptcy?
Common types of debt include mortgages, credit cards, car loans, student loans and medical expenses. People fall behind on their payments for many reasons. Some are beyond their control. For example, they lose their job or are faced with a large and unexpected expense. Sometimes, it’s because of poor money management. Or it can be a combination of factors.
Whatever the reason, once debt does get out of control, they are in a very difficult financial situation. Excessive debt can harm your credit rating and make it difficult to get a loan or buy a house. Debt makes it harder to save for retirement. The stress of debt can also take a toll on your emotional health and on relationships.
What are the different types of bankruptcy?
Fortunately, the law provides individuals with remedies to help them settle their debts, so they can move forward with their lives. The types of bankruptcy available to individuals include:
- Chapter 7
This type of bankruptcy is designed to give people a fresh start. A trustee is assigned to collect the person’s assets and sell them to pay off the debt. People may be able to keep certain property, such as cars and houses. You must have a low income to qualify. Many times, debt can be discharged within a few months.
- Chapter 13
This is also known as the “wage-earner’s plan.” It is designed to provide people with time to pay their creditors and taxes while allowing them to hold on to their assets. Under this plan, debt can be consolidated and reorganized. Then, a reasonable payment plan is created to pay off the debt over three to five years. People may also be able to hold on to their homes, if they are facing foreclosure.
Do I need a lawyer to file bankruptcy In Maine?
There are pros and cons to every type of bankruptcy. One of our attorneys can help you determine what types of bankruptcy you are eligible to file for and what you can expect. Filing for bankruptcy is a major decision. We can help you understand how it will affect your life and help you create a plan to improve your current financial situation.
Learn more about how we can help. Contact us to schedule a consultation at either our Waterville or Portland office. One of our bankruptcy attorneys can review your finances and advise you of your options. We can also answer any questions that you have.