Chapter 7 and Chapter 13
A Chapter 7 Bankruptcy is a form of debt relief whereby many of your debts can be discharged and you will no longer be legally obligated to pay them. Of course there are a number of factors that must be considered to determine whether you qualify to file a Chapter 7 Bankruptcy. Among those factors are your income, your expenses, the nature of your assets, the type of debts you have, and your financial history.
A Chapter 13 Bankruptcy is a reorganization plan which is designed to provide for the payment of your debts over a period of time, usually three to five years. Under some Chapter 13 plans, an individual would pay a reduced amount on their obligations. Other Chapter 13 plans would provide for a 100% payment of debt.
When you meet with us for your free consultation, we won't rush you. We will listen to you and provide a preliminary analysis of your situation. We will also give you written materials and worksheets that are designed to help you better understand the bankruptcy process and whether bankruptcy filing would be right for you.