Bankruptcy

Chapter 7, often referred to as "liquidation bankruptcy," is designed to provide a relatively quick financial reset by discharging most of your unsecured debts.

How Chapter 7 Works:

• Debt Discharge: I can help you eliminate debts like credit card balances, medical bills, personal loans, and certain old tax debts.

• Means Test: Eligibility for Chapter 7 depends on your income and household size, determined by what's called a "means test." I will meticulously evaluate your financial situation to see if you qualify.

• Asset Protection: A common fear is losing everything. The truth is, most individuals who file Chapter 7 keep all or most of their property due to "exemptions" under the law. I will work diligently to protect your home, vehicle, retirement accounts, and other essential assets.

• Quick Process: The Chapter 7 process is generally faster than Chapter 13, often concluding within 3-6 months.

Chapter 13, known as "reorganization bankruptcy," is designed for individuals with a regular income who want to repay their debts through a structured, manageable payment plan, often while protecting valuable assets like their home or car.

How Chapter 13 Works:

• Court-Approved Payment Plan: I will help you create a personalized repayment plan, approved by the court, typically lasting three to five years. This plan consolidates your debts and ensures you pay what you can afford.

• Stop Foreclosure & Repossession: Chapter 13 is a powerful tool to halt foreclosure proceedings and prevent vehicle repossessions, allowing you to catch up on missed payments over time.

• Catch Up on Priority Debts: It allows you to pay back priority debts like child support arrears or certain taxes, and often reduces or eliminates unsecured debts.

• Keep Your Assets: Unlike Chapter 7, you typically keep all of your property in Chapter 13, making it an ideal choice if you have significant assets you want to protect.