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| TEXT BELOW TO GO TO THAT SECTION Chapter 13 Debt consolidation FAQ Do I need any money upfront? Can I keep my house & stop Forclosure? Can I prevent vehicle reposession? Can I keep my furniture and other household items? Can lawsuits be stopped? Can Garnishments be stopped? Can tax debts be stopped? Chapter 7 Bankruptcy FAQ Can I keep my House? Can I keep my vehicles? Can I keep my furniture and other household items? Can I wipe out Lawsuits and Garnishments? Can I wipe out Taxes? What debts wiped out? CH7? What should I not do if filing CH7 |
Many of our clients have found that their monthly income is not enough to meet
lost job, reduced wages, a sickness, a divorce, or a business failure. Some
clients file bankruptcy because they are behind on their house or car payments.
Chapter 13 bankruptcy can stop a mortgage foreclosure and give you three to
five years to catch up your past-due payments. Chapter 13 may also allow you
time to catch up on late car payments by paying your car note through the
plan, often at a lower monthly amount. Under the right circumstances, you can
file a Chapter 7 bankruptcy, keep all your property, and get rid of all your
credit card and other unsecured debts. Myself or an associate attorney will
meet with you without charge to help determine if Chapter 13 or Chapter 7
would best serve your particular needs.
What is Chapter 13 bankruptcy (commonly called Debt Consolidation)?
Debt Consolidation, or Chapter 13, is that part of the Federal Bankruptcy
Code under which a person may repay all or a portion of his or her debts
under the supervision of the Bankruptcy Court. Most people who file a
Chapter 13 bankruptcy do not lose their property. Instead, they file so that
they can keep their house, car, and furniture. Many clients file a Chapter 13
bankruptcy to prevent their mortgage company from foreclosing on their home.
Even if a foreclosure has been started, a Chapter 13 bankruptcy can stop the
proceedings. The late payments can then be caught up over a period of years.
If you are behind on your car or truck payments, filing a Chapter 13
bankruptcy will stop the finance company from repossessing the vehicle. In
many cases, the amount of the car payments can be lowered. If you have
credit card debts or loans that have no collateral, you may only have to pay
back a small part of what you owe. Under the right circumstances, you can
pay off credit cards, medical bills, and other unsecured debts for as little as 1
cent on the dollar. Also, a tax levy on your wages can be
stopped.Garnishments on wages can be stopped. Some leins on real estate
can be stopped. Lawsuits can be stopped. Some taxes can be stopped.
Myself or an associate attorney will meet with you without charge to help
determine if Chapter 13 would best serve your particular needs.
What is a Chapter 7 bankruptcy?
Chapter 7 is a liquidation bankruptcy. Individuals who file a Chapter 7
bankruptcy usually get rid of all credit card debts, medical bills, and other
unsecured debts. In a Chapter 7, if you want to keep your car and home, you
can do so by continuing to make the regular monthly payments. Or, if you
decide to give the house or car back, you can also get rid of the debt that goes
with it. If you get a loan by putting up furniture and household goods that you
already owned, you can usually keep the furniture and household goods and
get rid of the debt.Wage garnishments can be stopped. Lawsuits can be
stopped. Some leins on land can be avoided. To qualify for a Chapter 7, there
must be very little equity in your real estate $5000 for individual filer and
$10000 joint (married) and no excess income in your budget. Myself or an
associate attorney will meet with you without charge to help determine if
Chapter 7 would best serve your particular needs.