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What are the benefits of filing for bankruptcy?

• Eliminate most types of unsecured debt
• Stop garnishment and bank levies
• Stop creditor harassment
• End a lawsuit
• Rebuild your credit with a “fresh start”
• Relieve financial, physical and emotional stress!

Chapter 13 bankruptcies are generally reserved for those debtors who want to save their home from foreclosure and/or car from repossession.  It also serves debtors who earn more than the state median income level for their household size.  A Chapter 13 plan sets debtors up on a 3 or 5 year plan where they pay back a percentage of their unsecured debt.  We are happy to refer our Chapter 13 clients to a firm that specializes in Chapter 13 affairs.

The debtor may be an individual, a partnership, a corporation or other business entity.  Please arrange a consultation at our office so we can determine if you are eligible for a Chapter 7 bankruptcy.

In technical terms, a Chapter 7 or “liquidation bankruptcy” is a court-supervised procedure by which a trustee takes over the assets of the debtor’s estate, reduces them to cash, and makes distributions to creditors.  However, in most Chapter 7 cases there are little or no assets available for liquidation, as most assets are able to be protected or “exempted” under the Bankruptcy Code.  In everyday language, Chapter 7 can be explained to be a complete elimination and discharge of most types of unsecured debt, without any type of repayment.