CHAPTER 7  OR CHAPTER 13 BANKRUPTCY MAY BE THE ANSWER?
NEVER FEEL ASHAMED TO ASK FOR HELP!!

Can't get a handle on your bills?  Has an illness or injury caused your medical bills to skyrocket? Have you recently lost a job and your household income can no longer cover your monthly expenses?  Bankruptcy may be the answer!  Bankruptcy no longer has the negative stigma attached to it that it once had.   The last few years have shown that corporations and the wealthy do not hesitate to take full advantage of these tools provided by the government.  So, why should you?  Call us today for an honest opinion about whether bankruptcy is right for you.

Chapter 13 Bankruptcy

A Chapter 13 Plan can be used to simply restructure your bills so that you can pay your creditors back with monthly payment over a three to five year period.  Many people qualify to repay unsecured debts (credit card bills, medical bills, balances on repossessed vehicles) at pennies on the dollar.  A Chapter 13 Plan can also be used to stop a vehicle from being repossessed, to stop your paycheck from being garnished, or to stop your home from being foreclosed.  Mortgage  arrears (the payments that you are behind on) are put into the plan, while you are required to make the future payments directly to the mortgage company.  Some debts must be paid back in full and are given priority by the bankruptcy trustee, like past due taxes, child support and alimony; You are required to make future payments.  Student loans and taxes are paid through your bankruptcy.  If you have a vehicle and want to keep it, you must pay the market value for it through the bankruptcy plan.  You may choose to surrender it and pay the unsecured balance with your unsecured creditors.

Chapter 7 Bankruptcy

Chapter 7 is often called a "complete" or "straight" bankruptcy because it is used to wipe out most, if not all of your debt. If there is property (cars, houses, furniture, etc) which you are attempting to keep, you must be current with your payments in order to reaffirm (sign an agreement allowing you to keep it and preventing you from wiping out the debt). Most discharges are received  within three to six months.  Income restrictions apply.  You must qualify under the means test (your average household income over the three months immediately prior to filing ) must be at or below the guideline established by the federal government.