Is Bankruptcy the Right Choice for You? Understanding Your Options

Introduction: Facing overwhelming debt can be incredibly stressful. If you’re struggling to make ends meet, constantly dodging collection calls, or worried about losing your home or business, you’re not
alone-and you do have options. At Dietrich & Kenyon, we specialize in helping individuals and businesses get a fresh financial start through bankruptcy and debt relief solutions.

What Is Bankruptcy? Bankruptcy is a legal process that allows people or businesses unable to pay their debts to either eliminate those debts or establish a plan to repay them. While it may feel like a last resort, bankruptcy can actually be a strategic financial decision that provides real relief.

Types of Bankruptcy:

Chapter 7 – Liquidation
Ideal for individuals with limited income and few assets. Chapter 7 wipes out most unsecured debts like credit cards and medical bills, giving you a clean slate.

Chapter 13 – Reorganization
For those with a steady income, Chapter 13 allows you to create a repayment plan to catch up on debts over 3-5 years-without losing your assets.

Chapter 11 – Business Reorganization
Often used by businesses, this option allows you to restructure debt while continuing operations. It can also be used by individuals with high debt loads.

Common Myths About Bankruptcy:

“I’ll lose everything.” In reality, bankruptcy laws include exemptions that often let you keep your home, car, and personal belongings.

“My credit will be ruined forever.” While bankruptcy does impact your credit, many people start rebuilding their scores shortly after filing.

“It means I’ve failed.” Bankruptcy is a legal tool-one that’s helped millions move forward and rebuild stronger.

When to Talk to a Bankruptcy Attorney: If you’re:

Missing multiple payments

Using credit cards to cover basic living expenses

Facing foreclosure or wage garnishment It’s time to explore your options with a professional.

We’re Here to Help Every situation is different. That’s why we offer free consultations to evaluate your circumstances and help you decide if bankruptcy-or another debt solution-is right for you.

Contact Dietrich & Kenyon today let us help you take the first step toward financial freedom. Call us at 517.374.8000 or schedule your free consultation online.