BANKRUPTCY

Powerful Protection

When you file a bankruptcy case, you prevent your creditors from taking any further action against you.  Your creditors are immediately prohibited from continuing any foreclosures, garnishments, lawsuits, or any other collection activity like letters and phone calls.

Planning Your Case

Careful review of your specific situation is essential prior to filing for bankruptcy.  We will identify any issues at the initial consultation and work through solutions to those issues before ever filing your case.  Taking charge of your financial situation and maximizing your benefits under the Bankruptcy Code is our business.

EXPLORE
CHAPTER 7

Debt Elimination/No Repayment Chapter

Positives

  • Wipe out debt with no repayment

  • Most filers keep all property

  • Stop garnishments, lawsuits, collection letters and harassing calls

  • Case is over quickly & credit reestablished quickly

  • Total legal fees and costs are lower than Chapter 13

Negatives

  • Household income limits your ability to qualify

  • Property over the limits can be sold

  • Higher up-front costs than Chapter 13

  • Chapter 7 bankruptcy is on your credit report for 10 years

  • Cannot qualify for another Chapter 7 for 8 years

CHAPTER 13

Debt Restructuring/Payment Plan Chapter

Positives

  • Stop foreclosure and get caught up at 0% interest over 5 years

  • No property or income limits

  • Stop garnishments, lawsuits, foreclosure, letters and calls

  • Remove a 2nd mortgage & restructure a car loan if reqs. met 

  • Total up-front legal fees and costs are lower than Chapter 7

Negatives

  • You repay your creditors a certain amount based on many rules

  • You may be required to pay more if your income goes up later

  • Your ability to take out loans is very limited during your case

  • Your total legal fees and costs are higher than Chapter 7

  • Chapter 13 bankruptcy is on your credit report for 7 years