The prospect of bankruptcy can be confusing. However, you shouldn't let it frighten you; it is a powerful tool in our system of laws, and unlike most of the other options out there, it can give you real results.
There are two kinds of bankruptcy:
Chapter 7, or traditional bankruptcy, and
Chapter 13, where the Court puts you on a payment plan. These two types of bankruptcy can help in a number of situations:
- Both chapters stop lawsuits and foreclosure actions.
- Chapter 7 totally eliminates many kinds of debt:
- Credit card debt
- Medical debt
- Personal loans
- Debt leftover from repossessed or foreclosed property
- If reducing other debts will enable you to afford your mortgage, Chapter 13 can help you keep your house.
- If you have a second mortgage and your house is "under water," Chapter 13 allows you to pay off a mere fraction of that debt.
- If you bought your car more than three years ago, Chapter 13 can reduce the amount you owe to the fair market value.
For many people, bankruptcy is the best way to get out from under a mountain of debt. It enables them to start rebuilding credit better than they ever otherwise could.
When you come in for your
free initial consultation, I will explain the pros and cons of filing for bankruptcy, and how the unique factors of your situation impact that decision. If you hire me, I will prepare and file all the necessary paperwork, using the Bankruptcy Code to maximize your filing's benefit to you. I will attend the Meeting of Creditors and necessary hearings with you. I will deal with your creditors, so that you don't have to worry about them any more.
I charge a flat fee for services in bankruptcy cases. That rate varies from case to case and will be discussed at your initial consultation.