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Bankruptcy and Debt Management
Is debt swallowing up your surplus earnings? Are you injured or jobless? Most working people, and all unemployed, disabled, and others on government benefits, cannot pay off substantial credit card debt with interest rates at 18% to 21%. Not in a lifetime of lifetimes.
Chapter 7 Bankruptcy
Bankruptcy, that is Chapter 7 of the U.S. Bankruptcy code, discharges all honestly obtained unsecured debts (with a few exceptions). Unsecured debts are credit card debts, medical, hospital and dental bills, and other loans made without collateral. A discharge means you pay nothing further. Car loans, furniture and appliance and jewelry loans, are almost always secured by the item purchased.
You will have the choice of paying the secured loans (re-affirming them), allowing the property to be repossessed ("surrendering" the car, furniture, etc.), or purchasing the property at its current fair market (flea market) value. Your lawyer usually can negotiate a payoff of 10% to 25% of the original value of the car or other property. This is sometimes called "redeeming" the property.
Cheap Form of Stress Reduction
Bankruptcy is legal, inexpensive, and moral. It is a very effective form of stress reduction. In many cases, your poor credit rating will improve slightly as a result of the bankruptcy because new lenders would rather loan money to a person who has no debt than someone drowning in it.
Chapter 13 Bankruptcy
Chapter 13 is a court-supervised repayment of all or a portion of your debts over a 36 to 60 month period. It is for wage earners with excess income after meeting their basic monthly budget. It is not recommended for debtors unless they have substantial extra income or a home with substantial equity.
How Long Will It Take?
A client gets most of the benefit of a bankruptcy the moment he or she pays the attorney fee (or at least half of it). All creditors may then be told to leave the client alone and to call the attorney only. A petition for bankruptcy can be filed in a matter of two or three weeks with full cooperation of the client. Dischargeable debts are gone on the date and time the petiion is filed. A formal discharge notice usually arrives two months later.
Why Hire a Lawyer?
Get the job done quickly, accurately, and legally correct. Do not risk wage garnishment, losing property, costly mistakes, lawsuits, and potential federal criminal prosecution. A lawyer can save more money than the cost of the bankruptcy service.
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Our firm tailors legal services to fit your budget. We analyze your problem and find a way to solve it with the financial resources you have.
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