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Should you file bankruptcy?

Most people who file bankruptcy are facing serious financial challenges and are in extreme financial distress. You may be uncertain of what options are available to you. We understand this.


Bankruptcy may be the tool that you need in order to restore your financial health.

What is Bankruptcy?

Bankruptcy is a court proceeding in which a judge and court trustee examine the assets and liabilities of individuals and businesses who can’t pay their bills and decide whether to discharge those debts so they are no longer legally required to pay them.

It is a process individuals or businesses can undertake to eliminate certain types of debt. It is a federal court proceeding designed to help with both debt elimination and debt repayment. Bankruptcies generally fall under two categories: 


  • Chapter 13 Reorganization and Liquidation for Individuals

The reorganization method is used to do just what the name implies; it reorganizes the debts you owe and puts a payment plan in place that will allow you to pay down arrears on secured debt (i.e. house, car) and eliminate unsecured debt (i.e. credit cards, medical bills) over the course of three to five years.

  • Chapter 7 Liquidation for Individuals and Businesses

The Chapter 7 Liquidation eliminates debts by giving individual debtors the ability to discharge their unsecured debts. When filing for Chapter 7 bankruptcy, there will be no repayment plan proposed or enacted. Instead, your non-exempt assets will be gathered and liquidated to pay creditors’ claims. Most Chapter 7 bankruptcy cases are no asset cases wherein the individuals assets are completely protected by the bankruptcy exemptions.

Businesses are not granted a discharge of debts; however, they may benefit from a Trustee being assigned to liquidate its assets or from a Trustee declaring that the business has no assets to thwart on-going distressing litigation in certain circumstances.

Chapter 7 and Chapter 13 bankruptcies are two very different legal options with different benefits and consequence.  If you have questions about which type of bankruptcy best fits your situation, contact us today. We are experienced  bankruptcy attorneys dedicated to finding the best solution for you. 

Learn more about the types of bankruptcy on our resources page.

Check Your Financial Health

Signs that you may be experiencing a financial crisis:


Most of my credit cards are near the limit, at the limit, or over the limit.


Creditors are harassing me.


I am being sued.


I charge items that I used to pay for with cash.


I can not meet my monthly obligations.


I skip bills some months or pay late.


I have depleted my saving/taken money from my retirement account to satisfy debt obligations.


I am consumed with thoughts of my debt.

Does this sound like you?

Fill out our bankruptcy questionnaire for a free evaluation.

Our Process

STEP 1.  Free Initial Consultation

You tell us your story, provide us with details to assess your current situation.  Then we share with you legal insight and suggest remedies and best options for financial recovery. We will discuss in detail the benefits and disadvantage of each option.  If filing for bankruptcy is not for you, we provide resources and alternative to better your financial situation. Request a Free Bankruptcy Evaluation

STEP 2.  Diagnosis & Assessment

If you are a candidate for bankruptcy, you provide full documentation and information about your financial situation.  We will review your financials and provide a personalized strategy for your financial situation.

STEP 3.  Legal Services

If you choose to engage Baskerville Lottie Law, we move forward with the filing process.  Your documents are filed with the court and the firm works with the court and your creditors to remedy your situations.  We will attend your bankruptcy hearing(s) with you and keep you informed every step of the way.

STEP 4.  Next Steps After Discharge

Clients of Baskerville Lottie Law will receive ‘Next Steps After Discharge’ to guide them in Their journey to financial wellness and a discount for the Financial F.I.T Program to assist in post-bankruptcy financial recovery.

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