IS BANKRUPTCY RIGHT FOR YOU?
Bankruptcy is a legal way for people who are no longer capable of paying back their bills to clear these debts and start over. Chapter 7 is a highly preferred bankruptcy provision. Nearly 65% of all U.S. consumer bankruptcy filings are Chapter 7 cases. For many Americans overwhelmed by debt, Chapter 7 bankruptcy can be a powerful tool for getting you back on track.
Bankruptcy works quickly to dissolve unsecured debts such as medical and credit card bills. Under Chapter 7 bankruptcy, some of your assets might be liquidated to pay off these debts. Once your case has been discharged, all remaining unsecured debts will be eliminated.
CHAPTER 7 BANKRUPTCY IS BEST SUITED FOR PEOPLE WHO
Have very little income.
Have very little property.
Have a large amount of unsecured debt, like credit cards, medical bills, loans and more.
WHAT WE DO
WE HELP you navigate the Ch. 7 bankruptcy filing and court process.
WE PREPARE your bankruptcy documents for you.
WE FILE your bankruptcy documents with the court.
WE ATTEND the 341 Meeting of Creditors Court Hearing with you.
WE SUPPORT you until your case is closed.
WE DO all of this for prices you can afford.
HOW MUCH DOES IT COST
HOW DO I GET STARTED
CHAPTER 7 BANKRUPTCY FREQUENTLY ASKED QUESTIONS
|Effect on financed homes and cars:||Generally, you must be current on your mortgage in order to keep your home. Otherwise, you may have to surrender your mortgaged home or financed vehicles back to the lender, with some exceptions.|
|Effect on owned property:||If you own any non-exempt property (like multiple cars, vacation homes, or collectibles), you will have to surrender the items, buy them back from the bankruptcy court or sell them at fair market value.|
|Effect on credit:||Chapter 7 Bankruptcy will stay on your credit history for up to 10 years.|
|Average time to complete the case:||3 to 4 months.|
|Income requirement:||Your average monthly income should be less than the median income in your state. This is known as the means test. Depending on your circumstances, it may be possible for you to be exempt from the means test.|
|Cost to file:||$335.00. The court may allow you to pay in installments if you can prove financial hardship.|
|Debt courses:||You must take 2 debt courses. The first course must be taken before you file and the 2nd course can be taken later. Courses are offered online and on the telephone in several foreign languages.|
CHAPTER 13 BANKRUPTCY
WHAT IS CHAPTER 13 BANKRUPTCY
Chapter 13 allows people with a steady income to keep property, like a mortgaged house or a car, that they might otherwise lose through the bankruptcy process.
Chapter 13 will allow you to keep your property and repay your debts out of your income IF the bankruptcy court approves a repayment plan that allows you to use your future income to pay off your debts during a 3 to 5 year period, rather than surrender any property. After you have made all the payments under the plan, you receive a discharge of your debts.
WHO CAN FILE CHAPTER 13 BANKRUPTCY
Chapter 13 bankruptcy is certainly not for everyone. Not only must you be able to pay for your monthly living expenses, but you must also be able to meet your court-mandated payment obligations. If your income is minimal or inconsistent, or if your total debt is too high, the court may forbid you from filing Chapter 13.
CHAPTER 13 IS BEST SUITED FOR PEOPLE WHO
Are behind on payments on secured property that they want to keep.
Have tax debts that cannot be discharged in a Ch 7 bankruptcy case.
Have debts that are NOT too high.
Have non-exempt property that they want to keep.
Have filed for Chapter 7 bankruptcy within the previous eight years, and thus are not eligible to file Ch 7.
Want to protect co-signers on certain debts.
Have past-due student loan debt.
Get your Complimentary Bankruptcy Evaluation NOW for immediate help. The MacSim Firm is ready to provide a FREE Bankruptcy consultation. Submit your online evaluation and a member of our staff will contact you.