Are You Considering Bankruptcy?
Are You Fed Up with Credit Card Companies Calling You Every Day?
Do You Want to Get Rid of Your Debt?
Are You Afraid of What Bankruptcy Will Do?
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What you need to Know about Chapter 7 Bankruptcy:
How long does a Chapter 7 Bankruptcy take?
It usually takes from three to six months to complete a Chapter 7 bankruptcy case.
What is a Trustee?
The Trustee is an attorney that is appointed by the Court. The Trustee’s goal is to determine if your creditors can be paid back and how much they can be paid back.
What we will do?
We will present all your financial information to the Trustee. We will negotiate to get you to keep your house and your car.
What is the result of the Chapter 7 bankruptcy case?
All of your debts will be considered “discharged” – meaning you no longer have those debts and you do not have to pay them back. There are some exceptions, you cannot discharge the following debts: Child Support, Tax Debts and Private Student Loan debts (but, you usually can discharge Federal Student Loan debts).
What about those credit card companies?
As soon as a Chapter 7 bankruptcy is filed, credit card companies and all other creditors can no longer contact you. All your debt is “frozen”.
What you need to Know about Chapter 13 Bankruptcy:
What is the difference between a Chapter 7 and a Chapter 13 Bankruptcy?
A Chapter 7 bankruptcy discharges most of your debts and there is no repayment plan. A Chapter 13 bankruptcy will have a repayment plan where you pay a portion of your debt back to your creditors.
How long does a Chapter 13 Bankruptcy take?
It usually takes 3 to 5 years for you to complete a Chapter 13 bankruptcy. It takes this long as you have to complete your repayment plan.
Why would I need a Chapter 13 Bankruptcy?
A Chapter 13 bankruptcy is usually for people who can repay some of their debts. It usually means you have enough income to pay back your debts.
What are some restrictions for a Chapter 13 Bankruptcy?
Although, it can change, right now, you can’t have more than $394,725 in unsecured debt (i.e. credit cards) and no more than $1,184,200 in secured debts (i.e., house mortgages, car loans).
What about my house and car?
A Chapter 13 bankruptcy will usually prevent a foreclosure on your house and a repossession of your car.