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What is bankruptcy?

Chapter 13 Bankruptcy

Chapter 7 Bankruptcy


What is a bankruptcy? A form to eliminate and/or reorganize debt. Above this text you can click on either Chapter 13 Bankruptcy or Chapter 7 Bankruptcy and read about these two types of bankruptcies specifically. Below is a very basic explanation of the most common questions that they ask us.

°What is bankruptcy? Bankruptcy is a law that allows people to obtain a "fresh financial start" through eliminating and/or reorganizing their debts.

°Is bankruptcy always the best choice? Every situation is different. Your income, debt, and property have to be considered. That is what the free consultation with us. If you should not do a bankruptcy, we will tell you. Our loyalty is to the law, not to money.

°How much time does it take to file a bankruptcy case? If it is an emergency (like imminent foreclosure or repossession), it can be done in one day. If it is not an emergency, and no legal reason exists to wait much, then normally it takes 1-2 short weeks. Each case is about 80 pages. We want to do it right.

°Does bankruptcy stop the foreclosure of my house and/or the repossession of my car? Yes.If you have not previously filed two bankruptcies year after year, automatically a bankruptcy stops the foreclosure/repossession.

°How is my debt eliminated? The debt is eliminated through what is called a "discharge." It is a legal term, specific to bankruptcy law. All creditors know it. Federal law enforces it. If creditors do not respect it, it is a violation of the law. It is very rare that that would happen, and if i happens, we sue them.

°How long does it take for me to receive my discharge? In a chapter 7, it takes approximately 4 months. In a chapter 13 it is when the payment plan finishes, or, in very rare cases, through a "hardship discharge."

°Are all debts discharged? No. Some debts, such as child support and for criminal actions like drunk driving are not discharged. Student loans are also not automatically discharged, and it is rare to discharge them. But, medical debts, credit card debts, personal loans (not student loans), past apartment debt, repossession debt, and any others are dischargable.

For a free consultation, call us and come to the appointment, we are good people and we understand your situation.

Tel: 832-209-8833.

Chapter 7 Bankruptcy

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