Millions of Americans face financial trouble today. Almost one million are expected to file for bankruptcy this year. Dykeman & Rosenthal's experienced lawyers can help you navigate through the sometimes complicated bankruptcy process. The first step is always determining whether filing for bankruptcy protection is an appropriate option for you. If filing bankruptcy is determined to be in your best interest, our attorneys are prepared to quickly and efficiently begin the process for your Chapter 7 or Chapter 13 bankruptcy.

A Chapter 7 bankruptcy allows a debtor to keep any property that may be covered by an appropriate exemption while the remainder of the debtor's property is sold in order to allow the creditors to receive some compensation. Most debts are dischargeable. Common exceptions to discharge include child support, income taxes less than three years old, property taxes, student loans (unless the debtor can show an exceptional hardship), and debts imposed by a criminal court. Property settlements from a divorce, as well as spousal maintenance, are likewise non-dischargable. Should the debtor be unable to reach a satisfactory agreement with the creditor(s) who hold a security interest in property belonging to the debtor, the creditor(s) may repossess the property.

A Chapter 13 bankruptcy involves the debtor making payments, usually over a  five year period, in an effort to repay some portion of his debt. If a debtor has regular income, mostly consumer debt, the ability to make a reasonable payment toward his debt, and meets some debt amount requirements(unsecured debts of less than $336,900.00 and secured debts of less than $1,010,650.00. ) he will be required to file a Chapter 13 rather than a Chapter 7 bankruptcy.

When filing your bankruptcy it is very important to list all assets and debts. An asset that is not listed is automatically forfeited and likewise, an unlisted debt will not be removed by the bankruptcy. By being completely forthcoming with your attorney, he can make efficient use of your exemptions in order to save as much of your property as possible from creditors, in order to assure your fresh start after bankruptcy will go as smooth as possible.

In most situations if the debtor can make timely payments for two to three years following a bankruptcy, he will emerge with credit good enough to receive prime rate loans. A bankruptcy will result in a significantly better credit position for the vast majority of filers. At Dykeman & Rosenthal we will evaluate and discuss your bankruptcy options with you before and after your case in order to achieve a workable and beneficial solution for you.