Bankruptcy Service We Provide
|
|
Bankruptcy Service, Chapter 7
Under chapter 7, you do NOT pay back to your unsecured creditors and you are DONE with your bankruptcy in about 4 months. 75% of bankruptcies are filed as Chapter 7 . For most people, Chapter 7 is usually the better alternative. If you have been told by another attorney that you do not qualify for chapter 7, make sure you talk to us. We have obtained chapter 7 discharges for many clients who were advised by other attorneys that they were ineligible. We only practice Bankruptcy so we know how to use every deduction and expense to keep you as a chapter 7, if that filing status is to your advantage.
You can file under chapter 7 bankruptcy, also known as a straight bankruptcy, if your annual household income is below the median family income. In this situation, most, if not all of your assets are exempt. Even if your income is above the median income, you may still qualify under the second portion of the Means Test based on your detailed expenses. These detailed expenses include all secured property, such as your house and vehicles, back tax obligations and other expenses.
Bankruptcy Service, Chapter 13
Under chapter 13, you pay back to your creditors over a period of 3 – 5 years with your disposable income. You are done with your bankruptcy in 3 – 5 years. 15% of all bankruptcies are Chapter 13. This method is is usually preferred if you are trying to protect a house for which you have fallen behind on payments, but have can make current if you are allowed. Under chapter 13, you also have the ability to strip the 2nd mortgage on your house, if that 2nd mortgage is entirely unsecure. While this is usually desirable, you still have to to make the 1st mortgage payment, and be able to get current with any payments on which you have fallen behind.
Bankruptcy Service, Debt Settlement
In certain circumstances, Bankruptcy may not be a viable option. This can be because you have too many assets, or you make too much money, or your income is high now but not very stable. In these circumstances, we can help you negotiate a settlement with your creditors, either prior to a lawsuit or even after a lawsuit has been filed
