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If you want to:
- STOP FORECLOSURE ON YOUR HOME
- STOP WAGE GARNISHMENTS
- STOP HARASSING PHONE CALLS FROM YOUR CREDITORS
Bankruptcy may be the solution, and you need to talk to someone about your options, to a person experienced in bankruptcy law and procedures. You want to do it discreetly and without charge, before you make your decision. Call for a free consultation today!
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CHAPTER 7 BANKRUPTCY – A Chapter 7 bankruptcy is most commonly known as a liquidation of debt bankruptcy. Your unsecured debts, such as credit cards, medical bills, personal loans, judgments, etc., are discharged. In most cases, you can keep your home and your automobiles, as long as you continue to make the payments you owe for these items. Most of your assets can be protected from liquidation by the Trustee (such as your furniture and household goods). You must be current on your loan with your mortgage and your car to avoid the creditor from foreclosing or taking possession during a Chapter 7 Bankruptcy. However, the creditor would need to get permission from the Court to continue or to proceed with any foreclosure or repossession proceedings.
CHAPTER 13 BANKRUPTCY – A Chapter 13 bankruptcy is most commonly referred to as a reorganization bankruptcy. This type of bankruptcy is generally for individuals or small business owners who can or want to repay all or part of their debt to their creditors. It is most often used by debtors who are behind with their mortgage loans. Once the bankruptcy is filed, all foreclosure proceedings are stopped and a Plan of repayment is designed to pay back the arrearages you owe. The re-payment plan lasts a minimum of 36 months. Individual re-payment Plans differ in how much is paid back to unsecured creditors, or those creditors who do not have an interest in any collateral (such as most credit cards). Debtors pay the Court the Plan amount in addition to their regular monthly mortgage payments. You must have a verifiable source of income; and your unsecured debts must be less than $250,000, and your secured debts must be less than $750,000. A corporation cannot file for Chapter 13.
CHAPTER 11 BANKRUPTCY – A Chapter 11 bankruptcy is a re-payment plan primarily used by corporations and partnerships, or for individuals with large debts and assets who do not meet the strict asset/debt limitations of Chapter 13. It requires extensive monthly accounting reports and records which must be prepared by an accountant. In most cases, individual consumer debtors will not file a Chapter 11.
CHAPTERS 9 AND 12 BANKRUPTCIES – These bankruptcies are not used by individual consumers. They are for farmers and railroad companies.
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