Filing for bankruptcy can help alleviate some of the problems that debt can cause and, most importantly, provide you with a fresh start. We specialize in Chapter 7 & 13 Bankruptcies, and we are committed to best serving each client in a manner that is most appropriate for them. Our goal is to recommend the proper course of action that will free our clients from the overwhelming burdens caused by out-of-control debt; thus, providing you with your best possible outcome.
Chapter 7 typically discharges medical bills, credit card debt, personal loans and more all while allowing you to keep personal property and other exempt items that you will need for your fresh start. However, Chapter 7 isn’t for everyone. If you are facing financial instability and have debts that are overwhelming your life, it may be right for you.
Chapter 13 essentially functions as a “debt repayment plan.” When a debtor files a Chapter 13 plan with the Bankruptcy Court, they are agreeing to pay off as much debt as possible over a three-to-five-year period. The plan filed with the Court takes into consideration your monthly income and living expenses. The excess is either paid directly to the creditor or the bankruptcy trustee, depending on the nature of the debt. Secured and other priority debts must be paid in full, but the remainder is split between the unsecured creditors. At the end of the case, most remaining unsecured debts will be discharged.
Like Chapter 7, Chapter 13 isn’t for everyone. Contact our office to make an appointment, and we will evaluate your situation and assist you in making the appropriate decision for your unique circumstances.