Bankruptcy

We provide assistance with credit defaults, mortgage foreclosures, evictions, debt collection pressure, excessive debt, and inability to pay consumer debt; this may include bankruptcy relief. We offer services related to bankruptcy relief under Chapter 7 and Chapter 13 of the Bankruptcy Code. Chapter 7 bankruptcies are designed for debtors who cannot pay their current debts, while Chapter 13 bankruptcies are designed for debtors with regular income to pay all, or part of, their debts in installments over time. The debtor must attend credit counseling for either type of bankruptcy.

In a Chapter 7 bankruptcy the debtor lists all creditors and assets and the court issues a stay on all creditors once the bankruptcy is filed. The debtor is allowed to keep some assets such household items, jewelry, cars, houses, retirement accounts, etc., based on the values of the items and the amounts of the exemptions for the state law that applies. A discharge in a Chapter 7 case eliminates most debts, but some debts cannot be eliminated, such as most taxes, child support, student loans, etc.. We can advise you as to which exemptions apply and which types of debts may be eliminated.

In a Chapter 13 bankruptcy the debtor lists all creditors and assets and the debtor agrees to a payment plan to creditors that lasts 3-5 years. This can create options to save assets that the debtor may not want to lose but do not fall within the exemptions for a Chapter 7 bankruptcy. In addition, tax penalties and foreclosures may be stopped. Some debts may be reduced depending on the current value of the asset, such as a car. A discharge in a Chapter 13 case takes place after the creditors have been paid in accordance with the payment plan.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Associated Attorneys

Keri Trask Lazarus

Andrew W. Sprauer

 


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