We offer a bankruptcy services and a free initial bankruptcy consultation. All relevant information is examined and evaluated to assist in making the most informed decision regarding your particular case. It is very important that you understand the remedies afforded under the various chapters of the U.S. Bankruptcy Code to determine which one of them benefits you the most. If bankruptcy is unavoidable, we prepare all necessary paperwork and after your review and approval, the matter is filed in the U.S. Bankruptcy Court.
Chapter 7 requires that a debtor (the person filing bankruptcy) to give up any property that cannot be protected from creditors (non-exempt property) in exchange for erasing all of his existing qualifying debt. In most Chapter 7 cases, the debtor has very little or no non-exempt property, in which case his creditors would receive nothing.
Chapter 13 allows a debtor who has regular income to retain his property in exchange for him paying the value of his non-exempt property (property that cannot be protected from creditors) along with his discretionary income ( income not needed for necessary living expenses) to his unsecured creditors as part of a Chapter 13 bankruptcy payment plan over a thirty-six to sixty-month period.
Although this office does not offer representation in Chapters 11 or 12, this information is offered solely for information purposes. In addition to a chapter 13 bankruptcy, there are two other types of reorganization bankruptcies:
Referrals available for these services upon request.
Chapter 11 a bankruptcy generally used by businesses who are in financial distress where they are allowed to reorganize their affairs over a period of time. Chapter 11 is also available to individuals whose debt exceeds the Chapter 13 debt thresholds.
Chapter 12 is similar to a Chapter 13 bankruptcy. Eligibility for a Chapter 12 requires that at lease 80% of the debt listed must have arisen from the operation of a family farm or fishery.