What is bankruptcy?
Filing bankruptcy triggers an “Automatic Stay” which immediately stops all of your creditors from seeking to collect debts from you until your debts are sorted out or discharged according to the law.
For most consumer purposes, bankruptcy is:
A legal proceeding
by someone who cannot pay their bills,
seeking a fresh financial start
as provided by the Bankruptcy Code.
All bankruptcy cases are handled in federal court.
Advantages of Bankruptcy:
A fresh financial start to get your life back in order.
Most debt balances go to zero.
Immediately stops repossession, utility shutoff, foreclosure, garnishments, and sometimes eviction.
Protects property and income from credit card companies and other unsecured creditors.
Eliminates or modifies many mortgages and other liens.
Allows you to reinstate your driver’s license for an unpaid accident judgment, which often leads to employment and income.
*Lawyer Fees: $1,199 (limited time)
The above attorney fee is for an individual Chapter 7 and covers the below services:
In-person interview and exemption planning
Advice regarding Chapter 7 vs. Chapter 13
Preparation of required documents and schedules
Application to Pay Filing Fees in Installments
Representation at the Meeting of Creditors
Representation at the discharge hearing
Minor routine tasks involved in an undisputed case
General advice throughout the course of the case
INITIAL PHONE CONSULTATION IS FREE
What is Chapter 7?
Chapter 7 is known as “straight” bankruptcy or “liquidation” and is the most commonly filed bankruptcy. If all goes well, the Chapter 7 process typically last about 3 months, starting from the time you file until the Court grants you an Order of Discharge. Our goal is to obtain an Order of Discharge for you, which is to have all of your dischargeable debts legally forgiven by the end of the process. This effectively prohibits the creditor to whom you owed money from ever trying to collect from you OR from reporting your debt to a credit bureau. The Chapter 7 discharge most commonly prevents credit card companies, doctors and lawsuit plaintiffs from ever collecting from you.
Generally, those who file chapter 7 keep all of their property except property which is very valuable or which is subject to a lien that you cannot avoid or afford to pay. Contact us now to schedule a free consultation and learn more.
What is Chapter 13?
Chapter 13 bankruptcy is very different from Chapter 7 bankruptcy. Chapter 13 is a type of “reorganization” used by individuals to pay all or a portion of their debts over a period of 3 to 5 years using their current income (non-exempt assets are not liquidated).
You use a portion of your income to pay what you can afford to your creditors over a 3 to 5 year period, depending on your income and how much of your debt you can afford to pay.
In order to utilize a Chapter 13 bankruptcy successfully, you must have enough income to meet the payment obligations agreed to in your Chapter 13 plan.
Contact us now to schedule a free consultation and learn more.