Bankruptcy

Providing access to a legal solution for consumers with overwhelming amounts of debt that they have little, if any, ability to repay.

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Bankruptcy services
For those individuals who are financially constrained to pay back their debts, or who do not meet our qualification criteria, bankruptcy is a possible option. We refer more than 10% of our potential customers to partners who can help them find a bankruptcy attorney:
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Martindale-Avvo
is the largest legal referral network online, providing comprehensive legal marketing solutions across a network of resources including Martindale.com, Avvo.com, Lawyers.com, Nolo.com and other top-ranking destinations.
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Legal Brand Marketing
is one of the largest legal referral networks, helping consumers find attorneys for support on a range of legal issues including bankruptcy.
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Options for seemingly insurmountable debt
Bankruptcy is a process that could expunge a consumer’s debts, both secured and unsecured if they fulfill the obligations of the legal agreement.
Chapter 7
The most severe option. It requires a consumer to pass a means test verifying their income does not enable them to repay their debts and may require assets to be liquidated.
Chapter 13
Most consumers who file bankruptcy use this option, which has less stringent income requirements and could enable the filer to retain their assets.
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Who it could help
While qualification requirements vary for Chapter 7 and Chapter 13, bankruptcy is generally most appropriate for consumers who have a significant amount of debt with little or no ability to pay it back. Before a consumer commits to filing bankruptcy, it’s important for them to understand the impact that such a significant legal process could have on their finances, credit, and reputation.
Pros
Could offer a way out of debt when no other solution is suitable
Provides immediate relief from creditor phone calls (Chapter 7)
Prevents creditors from taking legal action to collect on debts (Chapter 7)
Cons
Consumer’s assets may have to be sold in order to pay creditors (Chapter 7)
Bankruptcy stays on consumer’s credit report for 7 years (Chapter 13) or 10 years (Chapter 7)
The act of consumer filing bankruptcy becomes part of public record
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Our goal is to help you improve your finances, make informed financial decisions and be confident in the decisions you make. However, neither Freedom Financial Network, LLC, nor any of its affiliates or subsidiaries are financial advisors, tax consultants, credit counselors or attorneys and nothing published on our websites should be construed as financial or legal advice. We recommend you consult with the appropriate professional before making any serious financial decisions. If we refer you to a partner who operates in one or more of these areas, we may be compensated by that partner but it will be them, and not us, who provides these services.