Bankruptcy can help you streamline your financial outlook of your future, whether you are struggling to pay your monthly bills or are too behind on bills that you just do not know where to start.
Come talk to us to establish a clear path to get you back on track.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is commonly called the "liquidation" bankruptcy. Chapter 7 bankruptcy cancels most types of debt, but you have to let the bankruptcy trustee liquidate (sell) your nonexempt property for the benefit of your creditors. Most people who use Chapter 7 get to keep all their property, but some states are more generous than others in this regard.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is commonly called the "repayment" bankruptcy. Chapter 13 bankruptcy is a good solution for people who need time to pay off certain debts. Chapter 13 allows you to keep all of your property, regardless of its value. However, you will have to pay your unsecured debtors (e.g. credit card debts, medical debts, and most court judgments) the value of the property you would lose if you filed for Chapter 7 bankruptcy.
If you are facing imminent foreclosure on your home or repossession of your vehicle, Chapter 13 provides a powerful remedy.