General Info

Types of Bankruptcy: Chapter 7: Chapter 7 is a federal law that gives you freedom from burdensome debts and a fresh start in your finances. Some examples of debts that may be eliminated include credit card debts, medical bills, personal loans, judgments arising from car accidents, balances remaining on repossessed vehicles, and some types of income taxes. Most people do not lose any of their property in Chapter 7 bankruptcy. The law allows us to exempt certain types and amounts of property from creditors, so that you have a true fresh start. We can make sure that you exempt everything that the law allows. If a debt is collateralized by your home or car, you can usually keep the property by continuing to make the loan payments. We can also arrange for "reaffirmation" of the mortgage or car loan. To get the full benefit of your bankruptcy, you need the guidance of an experienced bankruptcy lawyer. Our goal is for you to keep your home, car, household goods and other belongings and get rid of your burdensome debt. Chapter 13: Chapter 13 is a plan for partial repayment of debts. Chapter 13 allows you to consolidate your debts and repay at least a portion of the debt over a three to five year period. There are no interest charges and the principle does not have to be paid in full. You pay only the amount that is reasonably affordable for you, and there is no set percentage of debt that must be paid back.