The decision of whether or not to file for bankruptcy can be extremely complicated – on both an emotional and a financial level. Considering all the factors involved in filing for bankruptcy can be overwhelming. If you are thinking about either a Chapter 7 or a Chapter 13 bankruptcy you need to talk to someone who can guide you through the process and help you make the proper decisions.
My firm is experienced in both Chapter 7 and Chapter 13 filings. I can answer your questions about bankruptcy and if it seems that bankruptcy is the best option for you then I can work with you to prepare for the filing of your case and then take you through the bankruptcy process.
Some basic information about Personal Bankruptcy:
A Chapter 7 bankruptcy can allow an individual to receive a discharge of their pre-petition debt. An individual filing a Chapter 7 bankruptcy petition is allowed to keep exempt property up to a certain value, including the family home, car and household possessions but some debtors may be required to liquidate certain assets in order to pay secured and unsecured creditors. Filing a Chapter 7 bankruptcy petition stops all creditors from calling or contacting the consumer.
Chapter 13 of the Bankruptcy Code allows a debtor to repay debts incurred before filing bankruptcy with funds earned after bankruptcy. This chapter allows an individual to set up payment plans on his or her debts and then make payments of those debts for three to five years. A discharge is typically not granted until all payments under the Chapter 13 plan have been made. A discharge will be granted if a debtor makes all the scheduled payments on the Chapter 13 repayment plan. A Chapter 13 plan is sometimes called the “wage earners” petition, since it requires a steady source of income to make the required payments to creditors. Filing a Chapter 13 bankruptcy petition stops all phone calls and legal action from creditors.
My office is a debt relief agency helping people to file for bankruptcy relief under the bankruptcy code.