Bankruptcy Law
Bankruptcy is a way to get a fresh start free of debt. The two common types of consumer bankruptcy are chapter 7 and chapter 13. The chapter that is right for you depends on your unique financial situation, and will be determined after discussions with our attorney but the information below should answer some of your basic questions.
Chapter 7 is also called a liquidation. It will discharge your debts, but you will have to give up any property that exceeds certain limits (called “exemptions”), and the property will be sold to pay creditors. Exempt property includes items such as household furnishings, clothing, money used to pay rent, etc.
Chapter 13 is a debt repayment plan, and requires a debtor to pay back all or part of the debt over time. The plan payment is calculated based upon the amount and type of your debt and your income and expenses.
Bankruptcy can be beneficial, by stopping foreclosure on your house or preventing repossession, and relieving you from much of your debt. But keep in mind it is not a “cure-all”. Bankruptcy cannot discharge certain debts such as child support, alimony, most taxes and student loans to name a few.
At your initial appointment, we will thoroughly discuss your financial situation and whether filing bankruptcy is right for you. Contact us today to schedule an appointment.
Our firm has been designated by Congress as a debt relief agency, offering bankruptcy relief under the United States Bankruptcy Code and other options when appropriate.
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