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At Teel & Maroney, P.L.C. we represent consumers and businesses with financial problems. Jerome Teel is a certified consumer bankruptcy specialist. We provide our clients with the information needed to make an informed decision about their financial situation. An understanding of your legal rights relating to your financial obligations can help you deal effectively with the crisis. Financial difficulty impacts every aspect of one’s life. Your job may be suffering because of harassing creditors and their unrealistic demands. Many individuals are surprised to learn that our federal bankruptcy laws offer dignified solutions to stressful financial problems. Our bankruptcy system provides for legal debt protection and relief under Chapter 7, 11, and 13. Legal debt protection allows individuals and businesses to regain control of their finances without additional borrowing or losing their home, car, and other valued possessions. You may be able to eliminate your debt altogether or reduce it considerably by filing bankruptcy.
Once you have recognized that you need help with your finances, the next step is selecting an attorney to help you through the process. At our law firm, filing bankruptcy is a positive experience that will provide you with a fresh financial start. Our level of experience is such that we have seen a great variety of situations and helped many individuals, families, and businesses solve their financial problems.
What is bankruptcy?
Bankruptcy is a proceeding under federal law that grants partial or complete relief from the payment of your debts. Upon filing the bankruptcy petition all creditor collection activities are stopped. The Bankruptcy Court enters an order relieving you from responsibility for paying certain debts.
What are some situations that might be helped by bankruptcy?
If you are experiencing financial difficulty, our firm may be able to help you. We can help if you are:
- Harassed day after day by creditor calls
- Behind on mortgage payments or facing foreclosure
- Behind on car payments or facing repossession
- Overwhelmed with credit card debts and never ending minimum payments that barely make a dent in the total balance
- Having your pay check or bank accounts garnished by judgment creditors
- In debt because of a failed marriage or co-signed loans
- Overwhelmed with high interest rates on finance company or personal loans
- Stuck in the “pay check advance” cycle
- Have back taxes that require a payment plan
- Have student loans with high interest rates
I have talked to several people and everyone keeps telling me that due to the law change, I cannot file bankruptcy now. Is this true?
It is true the law changed, but the majority of people can FILE bankruptcy. Each case is different as no person has the same debts or assets. We would need to meet with you in person and review all your bills and assets before we could advise if you need to file bankruptcy.
Can I call and go over my bills with you?
No, as the recent law change states that any consultation for the purpose of discussing the possibility of filing a bankruptcy must be done in person and not by telephone. There must also be a signed statement by the person seeking advice that they talked to an attorney.
What will it cost me to talk to you?
There is no charge for the initial consultation.
What do I need to bring?
- Picture ID for each person filing a case.
- Proof of Social Security number for each person.
- Pay stubs for the past 6 months for each person in the home working (Or as many stubs as you can find)- even if only one person is filing. If you do not work at a public job, we need some type of verification of your income.
- ALL bills, including utilities. Don’t write out a list. IT MUST BE THE BILLS.
- Proof of auto insurance for any vehicle on which you are making payments. We need the declaration page, not the card you carry in your wallet. Call your agent and ask him or her to fax your declaration page to us. It must show the lienholder
- Copy of last two years tax return
What are the different types of bankruptcy?
For individual consumers the two types of bankruptcy proceedings available are Chapter 7 and Chapter 13. Chapter 11 is filed by businesses.
What is a Chapter 7 bankruptcy?
Chapter 7 bankruptcy can discharge (get rid of) most unsecured debts, for example, credit cards, repossession debt, eviction or broken lease debt, some taxes, past due utilities, and medical bills. Chapter 7 stops garnishments, liens, levies, and lawsuits. Most individuals experiencing financial difficulty will qualify. You will be required to continue making payments on your secured debt (house and car payments, for example).
What is a Chapter 11 bankruptcy?
Corporations, partnerships, and sole proprietors that want to remain in business and reorganize their finances can file a Chapter 11. A Chapter 11 restructures the debt, either by reducing the debt or by extending the time to repay. A liquidation of all or a portion of the debtor’s assets may occur.
What is a Chapter 13 bankruptcy?
In Chapter 13, some debts may be repaid in an affordable manner. Chapter 13 allows you to modify loan agreements and even eliminate significant portions of unsecured debt. Chapter 13 allows for the repayment of only what an individual or family can reasonably afford. If your home is in foreclosure a Chapter 13 will stop the foreclosure immediately. You will be provided the opportunity to get caught up on your mortgage payments over a five-year period, with reasonable monthly payments. Chapter 13 protects your car from repossession and may also reduce the amount you owe. Even if your car has already been repossessed, your car lender may be ordered to return the car to you. Chapter 13 also stops garnishments, tax levies, and lawsuits. Back taxes can be paid through Chapter 13 without further interest or penalty and in many cases less than the full amount of the taxes must be repaid.
What about debt consolidation?
Many of our clients find themselves in a worse financial situation after trying credit counseling. There are reports on a regular basis in the media of unscrupulous people entering this unregulated industry. Currently there are hearings in Congress and Capitol Hill about this latest type of consumer fraud.
Will creditors continue to call even after filing bankruptcy?
Filing of the bankruptcy petition serves as an automatic order to all creditors to stop all collection activity. If your creditors are calling day and night, you may want to consider bankruptcy.
What types of bankruptcy are handled by Teel & Maroney, P.L.C.?
We represent businesses and consumers with Chapter 7, 11, and 13 bankruptcy proceedings.
How will Teel & Maroney, P.L.C. work with you?
If you would like more information about Teel & Maroney, P.L.C. we are happy to provide it. There is never a charge for an initial consultation and you will pay no legal fees unless you hire us. Our team of lawyers and support staff strives to satisfactorily meet client objectives and goals by focusing on your case.
Should you choose to have us represent you, we will do the following:
- Meet with you to learn all the facts relating to your case
- Explain to you all of your important legal rights
- Review your financial records in order to obtain a full understanding of your case
- Answer all of your questions regarding bankruptcy
- Keep you advised and informed about the progress of your case