Chapter 7 Bankruptcy (also referred to as a “liquidation” bankruptcy) is typically 4-5 months long. It has certain income, budget, and equity requirements that must be met.

Chapter 13 Bankruptcy (also referred to as a “repayment” bankruptcy) is typically 3-5 years long. It is available for individuals who are not eligible to file a Chapter 7, and it may offer additional benefits which a Chapter 7 cannot (for example, catch up on overdue payments for secured debts and better manage the repayment of any priority debts).

We can help you determine whether a Chapter 7 or a Chapter 13 Bankruptcy is better for you depending on your individual circumstances, and we can help determine which type of bankruptcy you may qualify for.

For more information from the United States Bankruptcy Court website, go to the following link: https://www.uscourts.gov/services-forms/bankruptcy

Most unsecured debt can be “discharged” in Bankruptcy. This includes credit card balances, medical bills, personal or payday loans, repossession deficiency balances, etc.

Secured debts (such as a mortgage and car) and priority debts (such as child support, alimony, tax debt, student loans, etc.) are generally non-dischargeable in Bankruptcy.

We can help determine whether your debts will be “discharged” at the end of your Chapter 7 or Chapter 13 Bankruptcy.

For more information from the United States Bankruptcy Court website, go to the following link: https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/discharge-bankruptcy-bankruptcy-basics

Bankruptcy law allows debtors to keep and protect a certain amount of property in a Chapter 7 Bankruptcy. If there are not enough exemptions available to protect that amount of property, then it is possible for the Trustee to “liquidate” some of your assets, and /or you may have to surrender some of your property.

In a Chapter 13 Bankruptcy, you may keep and protect all of your property. If there are not enough exemptions available, then you would have to pay the equivalent amount of your unexempt equity into your Chapter 13 Bankruptcy Plan to your creditors.

We can help determine whether there are enough exemptions to keep and protect your property in a Chapter 7, or whether it will be in your best interests to file a Chapter 13 in order to keep and protect all of your assets.

A Bankruptcy filing may show on your credit report for up to 8-10 years. Since each individual has a different situation, filing for Bankruptcy may affect each person and their credit score differently.

Even though Bankruptcy is not a credit repair service, Bankruptcy relief may actually help you and your creditworthiness by giving you a debt-free, fresh start.

Bankruptcy law does not set a time limit on how long you have to wait to file another bankruptcy. However, depending on how soon you file another bankruptcy, you may or may not be eligible to receive a “discharge” of your debts in the end.

We can help determine whether you are currently eligible to file a Chapter 7 or a Chapter 13 Bankruptcy and receive a “discharge” of your debts in the end.

Step 1: Consult with one of our experienced attorneys, and retain us as counsel by signing our Retainer Contract and paying the retainer fee. Once you retain us as counsel, you may refer your creditors to us, and we can better help you and answer your questions.

Step 2: Bring in all of the requested documents to our office and pay the filing fee in full.

Step 3: Review and sign your Bankruptcy “Petition” with one of our attorneys. You have not officially filed for Bankruptcy until you have been assigned a case number by the Court.

Step 4: Attend a mandatory “Trustee Hearing” (also referred to as a “341 Meeting of Creditors”).

Step 5: If you filed a Chapter 7, wait to receive your “discharge” in 4-5 months. If you filed a Chapter 13, make your monthly payments to the Trustee for the required time period (3-5 years) until you receive your “discharge.”

For more information from the United States Bankruptcy Court website, go to the following link: https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/process-bankruptcy-basics