Bankruptcy Counseling

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If you are facing foreclosure on your home, one of the best weapons you have to stop foreclosure is bankruptcy. A bankruptcy attorney can help you understand the differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy, the two most popular forms of individual bankruptcy. This allows you to make an informed decision about the next steps you want to take. Click the box below and complete the short case review for a free bankruptcy case evaluation by a bankruptcy attorney.

Not sure whether bankruptcy is the right option for you? A local bankruptcy attorney can answer your questions and explain the bankruptcy process to you. Its free!

There are two types of personal bankruptcy. Each is intended to help consumers in financial crisis but the solutions offered are very different.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy, or liquidation, is the most popular. Chapter 7 bankruptcy may eliminate a lot of unsecured debt (credit cards, medical bills, old utility bills, unsecured personal loans, etc.) and can generally be completed within just a few months. In a Chapter 7 bankruptcy case, the trustee can liquidate (sell) non-exempt assets to pay creditors, but most people who file for Chapter 7 bankruptcy don’t have any non-exempt assets and are able to keep their property while eliminating unsecured debts. Talk to a local bankruptcy attorney about your state’s exemptions and how they may apply to you.

Chapter 13 Bankruptcy

Chapter 13 bankruptcy usually offers the broadest, protections for an individual who has assets they want to keep and the income to pay their creditors given enough time. Chapter 13 bankruptcy is often the choice for people who have a lot of secured debt, such as car loans and mortgages and want to keep the property that serves as security for the loans. In a Chapter 13 case, the debtor enters into a repayment plan that allows 3-5 years to catch up on past due payments.

Filing Bankruptcy

If you’re considering filing bankruptcy, a bankruptcy attorney may help you:

• Determine if Bankruptcy is the right answer for you
• Arrange a budget.
• Search out and implement ways of working with your creditors.
• Draft a bankruptcy plan, and handle tall the paperwork.
• Draft and file necessary forms, documents and court proceedings.

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