End the harassing phone calls from debt collectors. Stop being afraid to open your mail.
Stop Foreclosures. Stop Evictions. Stop repossessions. Stop wage garnishments.
Bankruptcy Laws are there for a reason, people just like you need help. Get the fresh start that you deserve.
Rule #1 – Never dip into your retirement to pay off unsecured creditors. Chances are that in bankruptcy you will get to keep every dollar of your retirement.
Get immediate protection upon filing. In all bankruptcy cases, creditors will be limited by the automatic stay once your case is filed. This means that all your creditors must cease all attempts to collect debts including foreclosures, evictions, and repossessions.
Consumer Bankruptcy – Chapter 7 and 13
Which chapter you file under will depend on how much you earn and what kinds of property you own. There is no minimum amount of debt required.
Chapter 7 is considered a total liquidation. This is much scarier than it sounds. The Trustee does not want to take everything you own. There are exemptions. In many cases people get to keep everything they own while their creditors get nothing.
Chapter 13 is for people that make more than a moderate income and/or have property that might be at risk in a Chapter 7. In a Chapter 13 case a repayment plan is formulated and approved by the Court. This repayment plan will last for 3-5 years and when the plan is completed the remainder of those debts are discharged forever.
Business bankruptcy is not as straight forward as consumer bankruptcy but there are options under Chapters 7 and 11.
Chapter 7 Business Filings
Your business is also able to file under Chapter 7. This will be a total liquidation of your business. Once the business files, all lawsuits and collections effort must stop. This can be advantageous to wrapping up your business.
Chapter 11 Business Filings
This chapter is available for businesses to reorganize and negotiate repayment terms with creditors. It allows the business to operate while in bankruptcy so as to provide a revenue stream to repay creditors and restructure your business.
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