Bankruptcy

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Are you drowning in debt?

Is there more going out every month than coming in no matter what you do? Are you facing foreclosure or the loss of your car and just need a little help to get back on your feet. Let us help you get your finances under control.

Bankruptcy may reduce or modify:

  • Student Loans
  • Business Debts
  • Taxes

Bankruptcy can help you discharge or reduce debt related to:

  • Credit Cards
  • Medical Bills
  • Paycheck Loans
  • Signature Loans
  • Auto Loans
  • Mortgages
  • Some Judgments
  • Secured Debts

Bankruptcy will generally not discharge:

  • Income Taxes
  • Criminal fines and penalties
  • Judgments or debts associated with willful or intentional injury to someone
  • Child support obligations
  • Spousal support or alimony
  • Debts incurred after you filed bankruptcy
  • Debts incurred based on fraud or misrepresentation
  • Loans owed to pension or retirement plans
  • Other debts owed to the government
  • Unlisted debts in the bankruptcy schedules

Chapter 7 or Chapter 13?

Chapter 7 is a complete discharge of all of your elgilible debts. The debt essentially goes away and unless you enter into a reaffirmation agreement with the creditor or decide to keep secured property the obligation to make the payment goes away.

Chapter 13 is a reorganization of your debt. Through the use of your attorney, a Bankruptcy Trustee and the Court, your debts are pooled and a payment plan is created. Payment can be pennies on the dollar and the repayment time is usually 5 years. At the conclusion of the Bankruptcy those debts are considered paid and no further collection is made. However, Chapter 13 does not resolve all your debts. You need to talk with the attorney for a specific analysis of your situation.