Let us help with the difficulties of bankruptcy
Bankruptcy is a complicated process, and the laws are constantly changing. A bankruptcy case is a proceeding in federal court, designed to assist a Debtor, or consumer, when debts exceed the ability to pay them. There are two forms of bankruptcy relief available to most consumers: a Chapter 7 filing, or a Chapter 13 filing. Which one is right for a particular individual is determined by federal guidelines and a financial analysis.
Our firm can patiently sort out all the technicalities and conduct the financial analysis to determine which chapter of bankruptcy will best assist you.
Chapters of bankruptcy we cover
The two types of bankruptcy available to most consumers are Chapter 7, and Chapter 13:
- A Chapter 7 filing will discharge, or wipe away, eligible debts so that you do not repay any portion of them. You are still allowed to keep certain assets, such as your homestead residence, your retirement accounts, and usually your car, as well as various other items of personal property.
- A Chapter 13 filing is a repayment plan of the debt that you owe. The repayment plan is in place for three to five years, and will result in a consumer paying a portion of what is owed to creditors. How much that will be depends on the unique circumstances of your situation. You get to keep certain assets in this type of case, too.
Each chapter has its unique elements, and a detailed analysis will help you determine whether bankruptcy is right for you.
Understanding, empathy and results
Issues in a bankruptcy case are many and varied: What happens to homestead, cars, bank accounts, retirement accounts, and personal property, to name a few. It can also be a very upsetting and confusing time. Barbara J. Hunting will help you through all the difficulties and unique circumstances in your case, so you can determine if bankruptcy is right for you. Call for a FREE CONSULTATION and get the information you need to make an informed decision.