File for Bankruptcy and Get Peace of Mind

Individuals who have incurred excessive debt often find themselves barely scraping by to make payments while the debt continues to grow around them. Often debtors find themselves on the receiving end of harassing creditors. For those individuals’ personal bankruptcy may be the solution. Bankruptcy is meant to be a fresh start for the honest debtor.

End creditor harassment and free yourself from burdensome debt by filing for personal bankruptcy. We handle both Chapter 7 and Chapter 13 personal bankruptcy.  Which bankruptcy chapter is best for you depends on each client’s individual circumstances.

Chapter 7

Chapter 7 Bankruptcy results in a clean slate and a fresh start for the debtor who files. Most unsecured debt, with certain exceptions, is discharged upon completion of the Chapter 7 Bankruptcy. The most typical examples of unsecured debts that are dis-chargeable include: credit card debt, medical bills, payday loans, and past utilities.

If Chapter 7 is the right choice certain assets owned by the filer may be required to be liquidated in order to discharge the debtor’s outstanding obligations. However, we work with the debtor to ensure that any property that the debtor wishes to retain can be kept free from liquidation. Chapter 7 provides immediate relief from creditor efforts to collect past debt owed. It’s important to note Chapter 7 does not discharge all debts and a filer may nevertheless be responsible for certain obligations even after filing for Chapter 7.

Chapter 7 Bankruptcy comes with advantages, disadvantages, and some necessary qualifications. it is not appropriate for everyone. To see whether Chapter 7 is appropriate for you come in or call to set up a free consultation today.

Chapter 13

Chapter 13 Bankruptcy results in a restructuring of the debtor’s current obligations while simultaneously allowing the debtor to retain certain high value property and secured property free from liquidation, repossession, or foreclosure.

Upon successful filing of Chapter 13, the debtor will be placed on a repayment plan for a period of 36 to 60 months. The repayment plan typically reduces the amount that the debtor must pay to settle their debts, during which time, the debtor does not need to worry about losing their home or automobiles. Once filed a Chapter 13 Bankruptcy protects the debtor from foreclosure and creditor efforts to collect on outstanding debts. Upon successful completion of the repayment period, any outstanding debt that is still owed by the debtor will be discharged and no longer owed.

In some cases, Chapter 13 is the best option for a debtor who does not otherwise qualify for a Chapter 7 Bankruptcy. Chapter 13 Bankruptcy comes with its own distinct advantages and qualification requirements. To see whether Chapter 13 is the best option for you, come in or call.