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If you are being crippled by high credit card debt or medical bills, Chapter 7 may be a way for you to discharge those debts. Also called a “liquidation,” “debt wipe-out” or “fresh start,” Chapter 7 cases are typically resolved 4 months after the filing date. You will receive a Bankruptcy Discharge and your obligation to the discharged debts will be over. Together we determine if this is the best course of action for you.
When a Chapter 7 petition is filed, all creditor collection activity will stop. There is an “automatic stay” that will protect you from the harassing phone calls; and it will temporarily stop a foreclosure or eviction and permanently stop creditors from collecting their debts for those debts that are covered by your discharge.
Chapter 13 is also known as “reorganization” or “consolidation.” If your income is determined to be too high for a Chapter 7 procedure, but you are facing foreclosure on your home, auto repossessions or tax debts, Chapter 13 can help give you some breathing room.. Ninety-nine percent (99%) of all debtors who file Chapter 13 keep their assets. This may also be the best option for joint husband and wife filings.
A Chapter 13 petition will also stop creditors from harassing you and it will stop foreclosure on your home or other property so long as those assets are included in your “reorganization” plan and so long as you are able to make the payments required under your plan.
Frequently, those who file bankruptcy and keep their homes are able to recover their lost equity. We can help you protect your largest investment. We will look at all your alternatives and help you choose the best option for saving your home or other property.