Filing bankruptcy can eliminate medical and credit card debt, stop foreclosure, stop wage garnishment, and stop car repossession! For FREE Bankruptcy Advice call us immediately!
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If you are overwhelmed by debt such as medical bills, credit card bills, or if you are behind on your mortgage payment, facing wage garnishments, or facing a lawsuit, filing Chapter 7 or Chapter 13 Bankruptcy can eliminate debt and provide a fresh start.
Debts That Can Usually Be Eliminated With Chapter 7 or Chapter 13 Bankruptcy:
- Credit cards and unsecured loans
- Medical bills
- Lawsuits and judgments
- Evictions and unpaid rent
- Unpaid utility bills
- Foreclosure balances
- Car loan deficiency balances
- Car accident repair balances
- Material supplier debts
Should I File Chapter 7 Bankruptcy or Chapter 13 Bankruptcy?
No matter what your goals are, consumer bankruptcy attorneys will provide free advice to help you decide whether or not you are eligible to file Chapter 13 bankruptcy or Chapter 7 bankruptcy.
Chapter 13 Bankruptcy
Filing Chapter 13 bankruptcy can stop foreclosure, eliminate credit card debt, and eliminates other debts such as medical bills or personal loans. In some cases, filing Chapter 13 bankruptcy can strip or eliminate a second or third mortgage on a house. Filing Chapter 13 bankruptcy automatically stops creditors and stops collection calls immediately. Filing chapter 13 bankruptcy is also an effective way to stop wage garnishment and to recover a car that has been repossessed.
Chapter 7 Bankruptcy
Filing Chapter 7 bankruptcy also stops foreclosure, eliminates credit card debt, and eliminates other debts such as medical bills or personal loans. In most cases, filing Chapter 7 bankruptcy will temporarily stop a foreclosure, but it is different than a Chapter 13 when it comes to repaying the arrears for a mortgage. Filing Chapter 7 bankruptcy automatically stops creditors and stops collection calls immediately. A chapter 7 is also an effective way to stop wage garnishment and to get a fresh start for debts that are too far behind to repay.
Filing Bankruptcy with an attorney is the best option for eliminating debts and save the home from a foreclosure sale while protecting your assets.
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Bankruptcy Most Frequently Asked Questions
Q1: Can I file bankruptcy electronically?
A: A lawyer can file a bankruptcy electronically using a dedicated account and specialized software.
Q2: Do I have to attend the court if I file bankruptcy?
A: Yes, after filing bankruptcy there is a mandatory meeting which requires personal attendance.
Q3: How much does it cost to file Bankruptcy?
A: Bankruptcy fees will depend on your location, the complexity of the case, and the court requirement. If the court required our bankruptcy attorneys to be present at the court then there will be extra charges.
Bankruptcy legal fees generally range from $800 for a simple individual Chapter 7 up to $4500 for a complex Chapter 13, plus additional filing fees that are paid directly to the court.
Q4: How does a bankruptcy repayment plan work?
A: The simple calculation is total arrears spread out for 60 months of payments. For example, $30,000.00 in arrears translates to a $500 monthly payment [for a 5 year repayment plan]. These figures are very rough estimates and the calculation is based on any/all debts that will be repaid.
Q5: What is Chapter 7 Bankruptcy?
A: Chapter 7 bankruptcy is filed to eliminate unsecured debt. Chapter 7 can be filed by a person or a business to wipe out credit cards, medical bills, or loans that are not secured by assets.
Q6: What is Chapter 13 Bankruptcy?
A: Chapter 13 is bankruptcy is filed to eliminate unsecured debt and to repay secured debt and other debt obligations in a payment plan. Chapter 13 can be filed by a person or a business to wipe out credit cards, medical bills, or loans that are not secured by assets. In some cases, Chapter 13 is may also be used to eliminate unsecured home loans or second mortgages. This is what is commonly referred to as a lien strip. As a rule, in order to file Chapter 13 bankruptcy, the court requires proof of income sufficient to pay the monthly mortgage, any car loans, all monthly expenses plus a plan payment [to catch up on past due secured debt obligations.
Q7: What are the Benefits of filing Bankruptcy?
A: In general, benefits of bankruptcy include: stopping foreclosure, eliminating debt, eliminating medical bills, eliminating person loans, eliminating IRS debt more than 3 years old, stopping wage garnishment, stopping collection calls, eliminating judgments, stripping a 2nd or 3rd lien [HELOC], stopping collection calls, saving a home or car from repossession by the bank, re-paying missed mortgage or car payments to catch up in a repayment plan, re-establishing and improving credit.
Q8: What happens after I filed Bankruptcy?
A: In general terms, there is a period of time for all parties to clear up any disputes about the debt that will be eliminated, and after that period of time passes, the debt will be wiped out [discharged]. Upon discharge, no further claims can be made to collect any debts that were eliminated.
Q9: Can bankruptcy improve my credit score?
A: Yes, a bankruptcy often has a positive impact on a credit score, resulting in an immediate boost at the time of filing.
Q10: When will my bankruptcy get discharged?
A: Discharge from Chapter 7 bankruptcy usually occurs within 6-12 months from the date of filing [depending on the location of filing]. Discharge from Chapter 13 bankruptcy usually occurs within 3-5 years from the date of filing, depending on the length of the repayment plan.
Q11: What debts can be eliminated with bankruptcy?
A: In general, filing bankruptcy eliminates credit card debt, medical bills, personal loans, IRS debt more than 3 years old, as well as stopping wage garnishment, stopping collection calls, eliminating judgments. Chapter 13 can be filed to strip a 2nd or 3rd lien [HELOC].
Q12: What debts cannot be eliminated with bankruptcy?
A: As a rule, Court ordered support [spousal and child support] cannot be eliminated through bankruptcy. Student loans cannot be eliminated with bankruptcy.
Q13: Will I lose all my assets and properties, if I file bankruptcy?
A: Filing bankruptcy does not result in losing all assets. Filing bankruptcy protects assets such as home equity, retirement savings, the primary home, the primary vehicle, and household goods.
Q13: What are the negatives for filing bankruptcy?
A: Filing bankruptcy will result in the cutting of credit cards, and it will make it difficult to qualify for a major purchase [such as a home or car] for a period of one year or more. Government employees may also be affected in their employment, and many employers ask whether applicants have filed bankruptcy in the past.