Chapter 7 Bankruptcy allow you to eliminate debts, except for the ones that you and the creditor agree that you will continue paying on, which is call a reaffirmation. A skilled Bankruptcy Attorney can tell you which if any debts are not dischargeable in bankruptcy. Steve will help determine this with you during your initial consultation. Most people lose few if any assets in Bankruptcy. Because of Steve’s extensive collections experience he knows how debt collectors can work against you and how to stop them.
Chapter 11 is a reorganization of a persons finances or business finances whose debts are primarily business. Steve will work out a plan to best protect your interest. Through CH 11 you can stop foreclosure, repossession, debt collection and if applicable, wage garnishments.
Chapter 12 is a reorganization of a family farm. Congress has made this law available in certain years. This law is directly drafted to aid a family farm and the problems a family farmer faces. You can stop foreclosure, repossessions and debt collection.
Chapter 13 is a reorganization of a person’s finances whose debts are primarily personal. Through Chapter 13 a person’s debts may be structured to repay past due amounts on your home, vehicles or other secured assets. Through this chapter we are able to stop foreclosures, repossessions, debt collection and wage garnishments. Interest rates can also be adjusted on secured items such as vehicles. At times a second mortgage can be eliminated altogether.
COMMONLY ASKED QUESTIONS
Question: How old does someone have to be in order to file for bankruptcy?
Answer: 18 years of age
Question: How much debt must I procure before I can file for bankruptcy?
Answer: There is no set limit
Question: Do I have to list all of my debts, assets and possessions when filing for bankruptcy?
Answer: Yes, however, you can agree to reaffirm most secured debts that you wish to continue paying on
Question: What is the difference between “secured debt” and “unsecured debt”?
Answer:Secured debt is a debt that is secured by some type of collateral, that you could lose if not paid upon, such as a home or vehicle. Unsecured debt is one that if the debt is not paid, there is nothing that the creditor can repossess or file a foreclosure against; such as medical bills and most credit cards.
Question: Are student loans and tax debts dischargeable in bankruptcy?
Answer: Generally not, but there are exceptions. In October of 2005, a new law went into effect that disqualified all student loans from being discharged in a bankruptcy unless there is “undue hardship.” If your college has closed, you may also be able to discharge your student loan.
Question: How long do I have to wait before I can file a Chapter 7 bankruptcy again after already filing once?
Answer: 8 years must pass after the date of discharge of your previously filed Chapter 7 bankruptcy; such as Jan 1, 2010, must wait until Jan 1, 2018.