Bankruptcy Law

Individual Bankruptcy

If you are receiving harassing phone calls at home or work, are concerned about how you are going to pay your outstanding debts along with keeping a roof over your head and putting food on the table, we are here to help you eliminate the worry. At Smiley & Associates we are committed to assisting individuals whose financial situation has been negatively affected by illness, job loss, bad investments or simply a mismanagement of resources.

Individuals traditionally have two types of bankruptcy filings available to them. These are:

• Chapter 7 Bankruptcy Filings – Chapter
  7 bankruptcy allows an individual debtor to discharge (get rid of) all or part of their debts through the sale of certain assets to pay outstanding debts and then the forgiveness of the additional debts.

In order to file for Chapter 7 bankruptcy you must pass a “means test”. Meaning your bankruptcy attorney will take a look at your personal income, your family size and the nonexempt assets you possess

to determine whether or not you could reasonably pay back your debts over an extended period of time. If you cannot pay back your debts with the assistance of a repayment plan from the court, you would be eligible to file for Chapter 7 bankruptcy. If you could pay back all or some of your debts over a reasonable period of time, you would most likely be eligible
to file for Chapter 13 bankruptcy.

• Chapter 13 Bankruptcy Filings – Chapter 13 bankruptcy involves the restructuring of your debt and the creation of a court supervised repayment plan. Chapter 13 bankruptcies are appropriate when an individual does not pass the Chapter 7 bankruptcy means test or wants to keep their property and needs the court’s assistance in setting up a repayment plan.

The Cost of Filing Bankruptcy

At Smiley & Associates we understand that if you

are looking for file bankruptcy things aren’t going well financially. As a result, we offer our bankruptcy services
at reasonable rates. We know that being able to accurately anticipate the cost of your
bankruptcy attorney is absolutely necessary and will ensure that you understand the scope and costs of our services from the beginning of our relationship.

If you are considering filing for bankruptcy, we encourage you to contact us today. We can be reached by phone at 602.358.0288 or by email us and look forward to hearing from you.