BANKRUPTCY LAW & ALTERNATIVES
Guiding You Through Financial Challenges
Alliance Law has a dedicated and highly trained group of attorneys and their legal teams who specialize in representing consumers and businesses experiencing financial hardship. At Alliance Law, we understand that facing financial hardship can be overwhelming. Our experienced attorneys and their legal teams provide compassionate, personalized guidance to help you regain control of your financial future. Unlike high-volume bankruptcy firms, we deliberately limit our caseload to ensure each client receives the individual attention they deserve.
Why Choose Alliance Law?
Unlike many law firms, we don't just handle a large number of cases. In order to provide personalized attention to each client, we limit the number of cases we can accept.
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Direct legal team access for every client
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Comprehensive strategy tailored to your unique situation
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Expert guidance through every step of the process
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Focus on long-term financial recovery
We can help you with all your bankruptcy matters, including:
Chapter 7 Bankruptcy
Chapter 11 Bankruptcy
Chapter 13 Bankruptcy
Support for Bankruptcy Procedures
Defense Against Seizure
Advice on Preparing for Life After Bankruptcy
Harassment of Creditors
What Are The Benefits Of Filing For Bankruptcy?
Filing for personal bankruptcy has several benefits and can be a viable solution for those with multiple debts. Filing for bankruptcy provides the following benefits:
Debt Relief
Bankruptcy can give you a fresh start by allowing you to pay off or restructure your debts and take back control of your finances. You can eliminate unsecured debts such as credit card bills and medical bills, instantly reducing the burden of these debts.
Automatic Stay
An automatic stay goes into effect immediately after filing for bankruptcy and stops all collection actions by creditors. This means no more harassing phone calls, wage garnishments, garnishment proceedings, or other forms of debt collection, giving you much-needed breathing time to consider your options.
Asset Protection
Depending on the chapter in which you filed for bankruptcy, an exemption may allow you to keep certain assets. Bankruptcy laws can protect important items such as your home, car, and personal belongings from being liquidated to pay off your creditors.
Debt Repayment Plan
Chapter 13 bankruptcy gives you the opportunity to develop a manageable repayment plan. Instead of liquidating your property, you can make affordable monthly payments over three to five years to catch up on missed mortgage payments or pay off other outstanding debts while retaining the property. I can.
Financial Literacy
If you have filed for bankruptcy, you will be required to complete courses in credit counseling and financial management. These educational programs can help you develop better financial habits, improve your budgeting skills, and provide you with the tools to make smarter financial decisions in the future.
Important Considerations
Although there are many positive aspects to personal bankruptcy, it's important to understand its full impact and weigh all the potential consequences and possible alternatives. Some of the typical disadvantages of filing for bankruptcy include:
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Bad Impact On Your Credit: Bankruptcy filings stay on your credit report for several years, making it difficult to get new credit or loans in the future. This can help secure favorable interest rates and limit your access to certain financial options.
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Loss Of Assets: Depending on the bankruptcy chapter you file for, you may need to liquidate certain assets to repay your creditors. While Chapter 7 bankruptcy includes the possibility of liquidating non-exempt assets, Chapter 13 requires a repayment plan that involves using disposable income to pay off debts over a period of time. This can result in the loss of property such as your home and valuables.
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Public Record: Bankruptcy filings are public records, meaning they are available to everyone. This lack of privacy can be off-putting to some people who want to keep their finances private.
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Limited Access To Credit: You may find it difficult to obtain new credit after you apply. Lenders may consider you a high-risk borrower and may offer you a loan with a higher interest rate or require collateral. Rebuilding your credit score takes time and responsible financial behavior.
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Emotional And Psychological Impact: Dealing with financial hardship and bankruptcy proceedings can be emotionally difficult. This can lead to stress, frustration, and loss of confidence in managing personal finances. It may be helpful to seek emotional support or counseling during this time.
Bankruptcy Alternatives
We understand that bankruptcy may not be the right path for every individual's financial situation. That is why Alliance Law offers other varieties of creative solutions to combat financial distress:
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Consumer Protection Law: Federal and state laws and regulations that are designed to protect individuals from unfair, deceptive, or fraudulent business practices. This includes scams, defective products, predatory lending, and privacy concerns.
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Debtor Rights Law, (Debt) Collection Defense, and FDCPA Defense: Alliance Law provides legal protection for individuals and families who owe money from harassment and abusive practices by creditors and debt collectors. Debt Collection defense and FDCPA defense are legal strategies to protect yourself from unfair or unjustified debt collection lawsuits by asserting legal reasons, such as the statute of limitations expiring, lack of proper documentation from collector, and/or incorrect information in the collector's records.
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Statute of Limitations: This is the legal time limit within which a creditor or debt collector must file a lawsuit. If this period has passed, the debt is considered "time-barred," and the collector can no longer sue you to collect it.
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Lack of Documentation or Verification: Debt collectors may be required to provide proof that you owe the debt. This can include the original signed contract, a complete billing history, and proof that they legally own your debt if it was purchased from another entity.
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No Standing to Sue: The collector must prove they have a legal right to sue you. This is especially important in cases where the debt was sold to a collection agency, and they cannot show valid documentation of ownership.
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Debt Negotiation: This process entails you, as an individual, and Alliance Law, as your representative, to negotiate with a creditor/collector to pay a reduced amount of debt in exchange for a lump-sum settlement or a reduced total balance paid at an affordable monthly payment, rather than the full original balance. Creditors may agree to this because they prefer to receive a partial payment rather than nothing at all, which can happen if the debtor files for bankruptcy. Debt negotiation can help avoid bankruptcy and, when successful, provides a way to resolve debts more manageably.
Your Path to Informed Decisions
Contact Alliance Law for a free confidential consultation. Our attorneys and their legal teams will:
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Assess your complete financial situation
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Explain all available options
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Help you make an informed decision about bankruptcy
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Guide you toward long-term financial stability
We're here to help you navigate this challenging time with dignity and emerge stronger on the other side.
