Bankruptcy
A Clear Path Forward When You’re Facing Financial Challenges.
Bankruptcy can feel overwhelming, but you don’t have to navigate the process alone. Richmond Hill, PLLC provides thoughtful legal guidance to help you understand your options and determine the best path forward.
When Financial Challenges Become Overwhelming
Financial difficulties can affect far more than your finances. They can create uncertainty around your home, your family, your future, and your sense of security.
Our goal is to help you understand your legal options, answer your questions, and guide you through the process with clarity and compassion.
Bankruptcy Guidance Tailored to Your Circumstances
UNDERSTANDING YOUR OPTIONS
Learn about the bankruptcy options available to you and how they may apply to your circumstances.
NAVIGATING THE PROCESS
From initial consultation through the legal process, we’ll help you understand what to expect at each stage.
PROTECTING WHAT MATTERS
Understand how bankruptcy may affect your property, financial obligations, and future plans.
You Deserve to Understand Your Options.
Legal decisions can have lasting consequences. That’s why we take the time to understand your circumstances and explain your options in straightforward terms.
Our approach is centered around clear communication, thoughtful guidance, and helping you move forward with greater confidence.
WHAT TO EXPECT
A Straightforward Process
01 — CONSULTATION
We’ll learn about your situation, answer your initial questions, and discuss your potential options.
02 — PLANNING
Together, we’ll determine the appropriate path forward and prepare for the next steps.
03 — GUIDANCE
You’ll have legal guidance throughout the process so you understand what’s happening and what comes next.
FREQUENTLY ASKED QUESTIONS
Bankruptcy Questions, Answered.
What is the difference between Chapter 7 and Chapter 13 bankruptcy, and how do individuals qualify?
- Chapter 7 (Liquidation): Designed for individuals with limited income. A court trustee can liquidate non-exempt assets to pay off creditors, discharging remaining eligible unsecured debts (typically within 3–4 months). Qualification requires passing a Means Test, which measures household income against state median levels.
- Chapter 13 (Reorganization): Designed for individuals with regular income who do not qualify for Chapter 7 or want to save a home from foreclosure. Debtors repay a portion of their debts through a structured 3- to 5-year court-approved repayment plan while retaining their assets.
Will filing for bankruptcy stop a foreclosure, wage garnishment, or collection lawsuit immediately?
Yes. Upon filing a bankruptcy petition, an automatic stay goes into effect under federal law. This court order immediately halts most collection efforts, including foreclosure sales, wage garnishments, bank levies, collection lawsuits, and phone calls. Creditors must petition the bankruptcy court for relief from the stay to continue enforcement actions.
Which assets can I keep when I file for bankruptcy, and which debts cannot be discharged?
- Assets: Federal and state laws provide bankruptcy exemptions allowing debtors to protect necessary property, such as equity in a primary home, a personal vehicle, retirement accounts, clothing, and basic household goods.
- Non-dischargeable Debts: Certain debts cannot be eliminated in bankruptcy, including recent tax liabilities, child support, alimony, most student loans, criminal fines, and debts arising from fraud.
How long does a bankruptcy remain on a credit report, and how does it affect future credit?
A Chapter 7 filing remains on a credit report for up to 10 years from the filing date, while a Chapter 13 filing remains for up to 7 years. While credit scores drop immediately after filing, eliminating discharged debt often allows individuals to begin rebuilding credit through secured credit cards or auto loans within 1 to 2 years after discharge.
READY TO TAKE THE NEXT STEP?
Let’s Talk About Your Options.
Schedule a consultation with Richmond Hill, PLLC to discuss your circumstances and learn more about how we may be able to help.