Bankruptcy can

  • Stop wage garnishments
  • Eliminate credit card debt
  • Stop foreclosures
  • Help keep equity in your house and car
  • Stop lawsuits
  • Stop calls from debt collectors

It’s important to note that everyone’s case is different, and there is no one size fits all bankruptcy solution for everyone. Below are the commonly used bankruptcy Chapters by debtors.

Chapter 7

In a Chapter 7 bankruptcy, a trustee is appointed to take over your property – valuable property will be sold to pay off your creditors. In many cases, you will be able to keep many of your possessions including your household items, a vehicle, and even real estate as long as it falls under certain limits.

A no asset Chapter 7 is most straight forward and discharge of debts can occur within three to four months. Filing Chapter 7 can stop lawsuits, wage garnishments, and offer temporary relief of foreclosure and potentially an eviction.

After filing a Chapter 7 petition, what’s known as an automatic stay will apply – this will stop the harassing phone calls and stop wage garnishments.

Chapter 13

If you have a steady income and own too much valuable property, a Chapter 13 bankruptcy can allow you to establish a three to a five-year payment plan with your creditors toward a discharge without liquidation. Chapter 13 is often used to save what’s typically the most valuable asset of a debtor – a house.

Many of the protections from Chapter 7 also applies to Chapter 13, such as the automatic stay that stops creditors from taking additional actions against you outside of bankruptcy court.

The Firm’s Process

After an initial phone consultation to determine if the firm can help, the firm will send the prospective client a retainer agreement with action items to be completed by the client to get the process started. Only after the agreement has been signed with fees paid will the firm start work on your petition.

Essentially all of the work for Chapter 7 petition can be completed electronically with the firm. Unlike Chapter 7, a Chapter 13 petition will require an in-office meeting to formulate a plan to pay the debtor’s creditors.

Get the process started now and call (714) 805-9623, (424) 205-8058, or ‪(505) 658-4320‬ for a free 30-minute consultation.

The content on this website cannot be considered as legal advice, and it does not create an attorney-client relationship.

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