Law Offices Of James V. Monaghan

Bankruptcy is a financial tool and part of the social safety net created by Congress. It is available to people who have run into financial problems that are so daunting that, given their income, repayment is not likely. Many factors can create this situation such as loss of a job, reduction in wages or hours, the death of a spouse, divorce, a failed business, significant medical problems leading to unpaid medical bills and others.

Our office will help you to analyze your financial picture to determine if bankruptcy is the right tool for you. You do not have to pay those creditors back and they must stop calling your home, your relatives and your work as soon as you file. Certain debts such as recent taxes, student loans and child support are not erased, but by wiping out your other debts you will have more money to meet those obligations.

By filing a Chapter 13, your attorney and the bankruptcy trustee will negotiate a repayment plan to repay a portion of your debts over a period of years.