What will a bankruptcy do for me?

While each situation is different, a bankruptcy filing can:

• Stop a foreclosure
• Stop a repossession
• Stop someone from garnishing your wages
• Stop harassing phone calls
• Get rid of some of your debt or interest payments
• And most importantly . . .
  Give you back your financial freedom!!!

How do I know what kind of bankruptcy to file?

I will sit down with you on a free initial consultation and look at your current financial situation. First, I will determine whether or not you even need to file. Sometimes bankruptcy doesnt make financial sense to file and I will tell you that. However, if the protection of the bankruptcy laws would help you, I will determine the kind of bankruptcy best suits your needs.

What kinds of bankruptcies are there?

CHAPTER 13

Generally this Chapter permits an individual who is temporarily unable to pay their debts to keep their property by repaying their creditors with future income over a period of time, usually 5 years (60 months). You would work with me to set up a Chapter 13 bankruptcy plan and after the plan is paid out, you receive a discharge of your debts. I will work directly with you to set the proper payment for you given your income, expenses and the types of debts you owe.

Advantages to Chapter 13:

• It allows fixed credit obligations (such as a car) to be spread out over a period of 60 months.
• It automatically stops creditors from proceeding with foreclosures, garnishments, suits, repossessions and levies.
• It allows tax (Federal and State) obligations to be paid through the Chapter 13 plan (and can save you interest and penalties).
• It allows arrearage or judgments for alimony or child support to be paid through your Chapter 13 plan.
• Attorneys fees do not have to be paid up front and can be financed through the plan.
• Mortgage arrearage (the amount you are behind on your house) can be paid through the Chapter 13 plan.
• It prevents harassing letters and telephone calls from creditors.
• In many cases, it can result in lower payments.

CHAPTER 7

Chapter 7 bankruptcies are designed for individuals who can't pay all their debts. Under a Chapter 7 bankruptcy, you get a fresh start. While there are limits on the amount of property you can keep, I will work with you to create a plan which best protects your property from creditors.
Advantages to Chapter 7:

• Often lets people keep most of their property.
• Gives people a fresh start by wiping away most types of debt 100%.
• Stops garnishments for dischargeable debts.
• May discharge some tax obligations (Federal and State).
• Stops harassing phone calls and letters from creditors.

CHAPTER 12

Plans for Family Farmers. Allows family farmers to repay their debts in a type of plan similar to Chapter 13. Call me if this is your situation.

CHAPTER 11

Plans for businesses and some individuals. This code section is primarily for businesses and most often does not apply to individuals. Call me if you own a business that needs to be reorganized.

What do I do if creditors call me?

After you have retained me, you should tell the creditor that you are going to file for bankruptcy, give him my name and telephone number and SAY NOTHING ELSE. Do not talk, argue or give any other information to the creditor. While there are some exceptions to this rule, you and I will discuss your situation and I will advise you as to what to do and say.