Types of Bankruptcy
Chapter 7 bankruptcy is the quickest form of bankruptcy and can help eliminate most kinds of unsecured debt. From filing to discharge the process can take less than four months in many cases. Chapter 13 is advisable for people who have a regular income and can afford a payment plan to help stop repossession and foreclosure. Specific circumstances when it is appropriate to file a chapter 13 bankruptcy are to strip-down second and other junior mortgages to the level of unsecured debt when the market value of a home is less than monies owed on the first mortgage, and tax reasons. Chapter 13 plans can last three to five-year repayment. As a bankruptcy attorney, I will advise you on which chapter to use. Some bankruptcy lawyers favor chapter 13. However, unless there are very specific reasons in your situation to file a chapter 13, filing a bankruptcy chapter 7 might be more appropriate. If bankruptcy lawyers advise you to file a bankruptcy chapter 13, I definitely recommend you get another opinion. Experienced and knowledgeable bankruptcy lawyers will help you make the right decision for your situation. A bankruptcy attorney analysis will center on your assets and liabilities, as well as your income and expenses from all sources. Bankruptcy fees charged by bankruptcy attorneys can be lower in Chapter 7 than a Chapter 13 because of time and complexity factors.
Trusted Bankruptcy Attorney
Immediately, upon filing the petition by your bankruptcy lawyer an automatic stay goes into effect provided you have not been involved in the filing of recent bankruptcy cases. This prevents creditors from making direct contact with you or staking a claim to any of your property from the date of filing. Creditors will be obligated to contact your bankruptcy attorney. When you contact my office, I will answer questions as to your options to deal with foreclosure, to reestablish your credit in as little as two years, to deal with the repossession of your car, creditors garnishing your salary and bank account, threatening and harassing phone calls from collection agencies and credit card companies, to reinstate your driver’s license immediately upon filing because of an accident due to lack of insurance, and to eliminate credit card debt and be debt-free. That is what bankruptcy lawyers can do for you. The first bankruptcy lawyer consultation is free, and you will meet with me personally, an experienced bankruptcy attorney, not with my secretary or a bankruptcy paralegal. I will examine your financial situation carefully and advise you as to the best course of action in your situation, which may or may not include the immediate filing of Chapter 7 or Chapter 13 bankruptcy depending on your circumstances. My bankruptcy attorney fees are kept as low as possible and can be paid over a period of time prior to filing your bankruptcy case.
I will explain the process, including the bankruptcy required credit counseling class you will need to take on the phone or on the internet before I file your bankruptcy chapter 7 or chapter 13 petition and the bankruptcy financial management class you will need to take after your case is filed to receive a bankruptcy discharge. I will review, determine and explain how debts are dealt with in bankruptcy and which debts are dischargeable in bankruptcy. I will show you what your credit score will be a year after filing your bankruptcy case and ways to reestablish your credit within two years from filing bankruptcy.
As your bankruptcy attorney, I will answer all your bankruptcy questions, and you will fully understand all your bankruptcy options and course of action to follow in order to deal with your financial problems effectively.
The federal government passed new bankruptcy reform legislation in October 2005. However, don’t be discouraged! Most studies indicate that the new law affects less than 15% of individuals who could have filed previously. If you are feeling overwhelmed by your debts and considering filing bankruptcy, it is highly probable that you fall into the category of the 85 percent of people who are still eligible to file.