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Bankruptcy



Why should you file bankruptcy? There are many reasons.

1. If your debts are overwhelming you and the creditors are pounding at your door for their payments or property, you should to file a bankruptcy.

2. If you own your own home and are about to have the mortgage holder foreclose on your home, you should to file a bankruptcy.

What chapter of bankruptcy you file will depend upon your particular case. The main thing you need to remember, at least file your bankruptcy if you are in foreclosure of your property, this will put a stop to that action immediately. Or, if you have an eviction pending it will be stopped. Even a simple law suit seeking money damages will be stopped for at least 40 to 45 days. This is commonly called an Automatic Stay, and it is legal under Federal law. But, by no means hesitate. One day can make a difference.
 

CHAPTERS

Chapter 7:
This is chapter is referred to as the liquidation chapter, in that all of your debts will be wiped out except for some classification of debts. In most cases, your Chapter 7 bankruptcy can be done in several days and be ready to file,  Provided we have all the necessary documents need to complete all the required forms and schedules. Generally, from the day you file your bankruptcy, your debts will be discharged in about 6 months, but usually no longer than that.

    Non-Dischargable Debts:
        1.  Child support, alimony or maintenance arrears.
        2.  Court judgments involving personal injury.
        3.  Student loans. Unless you can prove hardship
        4.  Taxes

These are but a few of the types of debts not discharged.

Chapter 13:  This chapter is referred to as the consolidation chapter; in that you will be paying back all your debts over a period of not more than 5 years in monthly payments to the Trustee of the court. If you decide to do a Chapter 13, and qualify (must earn a regular income), the work may take longer because we will need to contact your creditors to get the exact final account status to properly fill out the forms and schedules necessary to complete all the calculations.

Not sure what your credit looks like?   There are several ways in which you can get a current copy of your credit history.

        1.  Contact any of the three major credit reporting agencies and request a copy of your report.  This is not free, they will charge you for this, and there charge is about $8.00 per report.

        2.  If you have been turned down after applying for credit, you are entitled to a free report from the reporting agency that the creditor used to review your credit.  But, you have to request that report within 60 days of your turn-down.

        3.  You are entitled to a free report from the reporting agencies once a year by federal law.

If you decide to file for bankruptcy, it is usually a good idea to get a current copy of your credit report, this makes it easy for us to file accurate documents to the court, and saves you the agony of your creditors continuing to harass you by phone and mail.

Should you decide you would like to use our services to prepare your bankruptcy, go to our  BK Questionaire  page and fill out the form and submit it to use.  We will review your information and contact you with our fee schedule and answer any questions you may have at that time.  Or you may want to contact us to start with and we can discuss you situation.  Either way we look forward to working with you.



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Last updated: 12/28/1999