How an experienced bankruptcy attorney can help
Making the decision to file for bankruptcy can be overwhelming. However, if a person is facing the possibility of having their paycheck garnished, or losing their home, car and driving privileges due to parking tickets, it may be time to consult with a bankruptcy attorney. Filing the right type of bankruptcy for you is just as important as making the decision to file. For individuals, there are two types of bankruptcy, a Chapter 7 liquidation and a Chapter 13 Reorganization.
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A Chapter 7 bankruptcy usually takes about three months to discharge your debts. However, during that time a creditor must stop all collections activities against you. A Chapter 7 bankruptcy is more appropriate for someone that does not own a home or for someone who owns a house or car that is worth less than what is owed. Chapter 7 bankruptcy is a great option for someone that has unsecured debts, like credit cards or personal loans. Under a Chapter 7, any valuable property you own, could be liquidated (i.e. sold) to pay your outstanding debts, if the value of the property is not specifically exempted (protected) by the law.
If you own a house with equity or have valuable property and you are employed, a Chapter 13 reorganization is the best option if you want to keep that property. A Chapter 13 bankruptcy allows a debtor to submit a plan to the bankruptcy court that allows them to pay their debts for a period of up to five years. Debtors usually pay back a smaller percentage of the total debt owed. However, debtors should be mindful of any attorney that encourages a Chapter 13 bankruptcy filing, if that debtor does not own any valuable property. In a Chapter 13, a discharge of your debts takes substantially longer, requires plan payments and bankruptcy attorneys can charge higher fees for Chapter 13 than a Chapter 7 bankruptcy.
Of course, this is a not a complete review of what the bankruptcy process entails. If this article does not provide enough information to address your personal concerns, please call our office and schedule an appointment.
Is Bankruptcy The Best Option For Me?
We are a small law firm and not a bankruptcy “mill.” You will meet with an attorney, and if you have any questions, you can call our office and speak with an attorney. We will not force you into a bankruptcy that isn’t right for you. Our goal to provide a service to you that meets your needs and helps you discharge your debts.
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This is a debt relief agency practicing bankruptcy law.