Protect Your Assets, Home, Automobiles, Property, Etc.
Get a fresh start! Improve your credit
We are a debt relief agency.
We help people file for bankruptcy relief under the bankruptcy code.
Types of Bankruptcy
Chapter 7 Bankruptcy is called straight liquidation because you wipe out and do not repay your unsecured creditors, such as credit cards, personal loans, medical bills, etc.
Secured debts such as vehicle payments and mortgages can be re-affirmed or avoided. You can agree to keep your automobile and keep paying your regular payments or you can surrender the vehicle and pay nothing to the creditor. The same with your home mortgage(s) you can keep paying the mortgage or surrender the home and pay nothing.
It is very difficult to get rid of government debts, such as taxes and student loans in a Chapter 7 bankruptcy.
You cannot eliminate support obligations in bankruptcy.
Chapter 7 bankruptcy stays on your credit for 10 years. Your case is open 4 to 6 months. After that you can begin re-establishing your credit.
Chapter 13 bankruptcy is called debt consolidation because you consolidate your debts and make a payment plan for 3 to 5 years to repay your creditors a percentage of what you owe them.
Normally you avoid late payment charges, over the limit fees, and interest on unsecured debt, such as credit cards, personal loans, medical bills, etc.
You can re-pay tax obligations and normally avoid interest and penalties and only pay the underlying debt.
You cannot get rid of student loans in Chapter 13 bankruptcy, but you can make payments on it.
If you are behind on your home mortgage, you can “consolidate” and repay your arrearage over a 36 month period. You must begin paying your regular monthly mortgage payment 20 days after you file Chapter 13 bankruptcy. If you owe more than the fair market value of your home, you may be able to wipe out your second and third mortgages.
You may be able to “liquidate” your unsecured debt and repay the unsecured creditors nothing in certain circumstances.
If you purchased your vehicle about 2 1/2 years before you file Chapter 13 bankruptcy you may be able to “consolidate” and repay the creditor only the “fair market value” of the vehicle. If you are behind on your payments, you can “consolidate” and pay the arrearage over 3 to 5 years in a Chapter 13 payment plan.
For More Information, give us a call or visit us at our office!