Bankruptcy (Chapters 7 and 13)
We are a debt relief agency. We help people file for relief under the Bankruptcy Code.
For consumers facing mounting debt, bankruptcy could be a debt relief option that would give you a fresh start. Chapter 7 Bankruptcy is designed for debtors in financial difficulties who do not have the ability to pay their existing debts. Under chapter 7, you may claim certain of your property as exempt from being included in the bankruptcy under governing law. A trustee may have the right to take possession of and sell the remaining property that is not exempt and use the sale proceeds to pay your creditors. The purpose of filing a chapter 7 case is to obtain a discharge of your existing debts. If, however, you are found to have committed certain kinds of improper conduct described in the Bankruptcy Code, the court may deny your discharge and, if it does, the purpose for which you filed the bankruptcy petition will be defeated. Even if you receive a general discharge, some particular debts are not discharged under the law. Therefore, you may still be responsible for most taxes and student loans; debts incurred to pay non-dischargeable taxes; domestic support and property settlement obligations; among others.
In other situations, Chapter 13 Bankruptcy may be the best option for a consumer. Chapter 13 is designed for individuals with regular income who would like to pay all or part of their debts in installments over a period of time. You are only eligible for chapter 13 if your debts do not exceed certain dollar amounts set forth in the Bankruptcy Code. Under chapter 13, you must file with the court a plan to repay your creditors all or part of the money that you owe them, using your future earnings. The period allowed by the court to repay your debts may be three years or five years, depending upon your income and other factors. The court must approve your plan before it can take effect. After completing the payments under your plan, your debts are generally discharged except for domestic support obligations; most student loans; certain taxes; most criminal fines and restitution obligations; certain debts which are not properly listed in your bankruptcy papers; certain debts for acts that caused death or personal injury; and certain long term secured obligations.
Please e-mail or call us at 941.952.5242 to schedule an appointment for more information.
