Bankruptcy
BANKRUPTCY:
Sure you want to pay all of your debts and are embarrassed with your situation now. But remember that Bankruptcy has been an important part of our economic development and a chance for a new start for many leaders such as Abraham Lincoln;
Click on “Historical Bankruptcy” below.
So what are some of your Bankruptcy OPTIONS?
1.) Chapter 13: This Bankruptcy is only available to individuals with sufficient income to make payments on some portion of their past due debts and is limited to certain maximum amount of secured and unsecured indebtedness. Chapter 13 allows you the time to pay your debts over time and keep your home, car and other possessions in many cases.
How much you must pay and for what time period varies depending on many
factors such as: your income, what assets you intend to keep, amount of debt,
type of debts, what assets are exempt and other factors.
We evaluate these factors and help design a plan that can work FOR YOU.
2.) Chapter 7: This Bankruptcy is available to Individuals as well as corporations and other entities. Chapter 7 is a liquidation Bankruptcy in which most of your unsecured debts are discharged or made null and void. Also, you may have certain favorable options available TO YOU in dealing with your secured creditors. You can obtain a “Fresh Start” that has been so essential to the historical economic success of this country.
Unlike Chapter 13, there are no limits on the amount of debts you have but in order to file a Chapter 7 the law requires that you first pass a financial Means Test. If your income is too high, you may be required to file a Chapter 13
Bankruptcy instead or consider other options. In any case, we can advise you on
the Means Test and on many other aspects of Chapter 7 Bankruptcy.
We will help YOU explore Bankruptcy options and other workable solutions for your situation.
Under Federal law, WE are a debt relief agency.