Let us help you get rid of your debt.

The Bankruptcy Code was developed to give Americans a fresh start if they have amassed too much debt. We will assess your specific financial situation and advise you on how best to proceed.

While many people will actually qualify for both Chapter 7 and Chapter 13, it is our job to assess your unique financial situation and advise you on the benefits associated with either filing. We will work diligently to determine how bankruptcy can lead you to a brand new financial future.

Determining which bankruptcy is best for you depends on a number of factors. This website outlines some of the key differences among the two primary types of bankruptcy, as well as some of the more uncommon types.

Chapter 13 – Debt Consolidation That Actually Means Something

1. 1. Unlike non-bankruptcy, debt consolidation options you might see on television commercials, Chapter 13 bankruptcy actually has teeth insomuch as the filing of a such a bankruptcy case can, among other things, stop the accrual of interest, stop collection efforts (e.g., lawsuits, phone calls, foreclosures, etc.) and allow for reduced interests rates on vehicle loans.  Chapter 13 cases generally consists of a consolidation plan over no less than three (3) years and no more than five (5) years.  A Chapter 13 case is the preferred bankruptcy option for someone who is subject to a foreclosure or repossession but does no want to lose the home, vehicle, etc.  Chapter 13 may also be an individual’s only bankruptcy option if he/she do not qualify for Chapter 7 based upon earning too much taxable income or have too risk for liquidation of assets if he/she files Chapter 7.

   2. As far as the composition of a Chapter 13 consolidation plan, the typical plan will consist of proposing to cure mortgage arrearage (so as to avoid foreclosure); pay the principal owed to a vehicle lender at a reduced interest rate of the then-prevailing Prime Rate plus 1.25% on either the principal balance owed or, in certain circumstances, a reduced principal balance if the vehicle is worth less than the principal balance; resolving any outstanding tax liabilities and/or domestic support; and, finally, propose to pay a certain sum back to general, unsecured creditors (e.g., credit cards, medical debts, etc.).  The amount repaid to unsecured creditors depends on the factors relevant to Chapter 7 bankruptcy – what a person’s taxable earnings are and what, if any, equity he/she has in assets.

   3. A Chapter 13 can only be filed by an individual and, even more, there are debt limitations to be eligible for this bankruptcy option.