In this current economic climate, many people are being burdened with overwhelming debt. People are living on credit cards more than in any time in the credit card history and the rising interest rate and increasing late fees are eating away at your income and savings. There is relief under the bankruptcy code. You can file a Chapter 7 bankruptcy, which is a straight bankruptcy. Chapter 7 will give you relief and a fresh financial start, especially if you have little or no money left over after paying for basic living expenses. The Chapter 7 will get rid of hospital bills, credit card bills, will put an end to any garnishment of your wages, put an end to those annoying creditor calls, and still allow you to still keep your retirement accounts, home, property, and cars. A common myth of the “Big Bankruptcy Change” is that no one can file a Chapter 7 anymore. That is simply not true. The laws made it tougher to file a Chapter 7 and put more requirements on you before they can file, but you still can file a Chapter 7. We will show you what you need to do and help you every step of the way at your free consultation. Read more about Chapter 7 bankruptcy here. Chapter 13 is a debt repayment plan that allows you to keep your car and home, even if you are behind in your payments, and you can keep all your assets. It also allows you to combine your debts into one payment where you can repay them within 3-5 years, with no interest, late fees, or penalties adding on your accounts each month. The amount of your plan payment depends on your income, monthly living expenses, and the amount of your debt. Your unsecured debt(credit cars, medical bills, utility bills, etc.) can be repaid as little as 10 cents on the dollar. Once you have completed your chapter 13 plan and receive your discharge, you will never again owe those debts. They are wiped away and you will get a fresh financial start. If you have a house that may go into foreclosure or are about to have your car repossessed, then you will want to consider a chapter 13. The chapter 13 will stop your foreclosure, provided that you file your bankruptcy case before the sheriff’s sale. Also, the chapter 13 will stop any repossession action against you. The chapter 13 will also stop any garnishments on your paycheck and stop all those harassing creditor calls. If you have:
- A house that will go into foreclosure;
- A car that may be repossessed;
- A garnishment;
- debts that are getting out of control;
- Creditors harassing you;
- certain taxes.