At some point in time, almost everyone has experienced problems with debt. Bankruptcy laws and consumer protection laws provide relief to those who are suffering from debt. Unfortunately, many people do not know their legal options, and end up further in debt or are victimized by unscrupulous credit scams.
Don't let that happen to you. Our attorneys can help you out of your debt problems while helping you protect assets such as your home and car. We have helped hundreds of individuals and businesses work their way out of problems with debt, and we will help you find the most workable solution to alleviate your concerns.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy allows you to repay creditors as best as you can while retaining your property. When you file for bankruptcy, you are protected by an “automatic stay,” which means that your creditors must deal with you through your attorney. They may not call you, sue you, garnish your wages you, or take any other action to collect their debts without court permission.
While you are in Chapter 13 bankruptcy, you may not incur any additional debt unless authorized by the bankruptcy court. Likewise, you may not sell any of your property without court permission. An exception is made for emergency situations, such as medical emergencies.
Upon the successful completion of your Chapter 13 procedure, you will receive a Discharge Order from the bankruptcy court. This means that your listed debts are considered discharged, even if they are not paid in full. This means that these creditors cannot attempt to collect these debts from you. You may still be responsible for some debts, such as long-term mortgages, alimony or child support payments, or student loans.
Chapter 7 Bankruptcy
Chapter 7 offers a fresh start, while permitting you to pay every bill you are able to (and want to) pay. Chapter 7 eliminates those debts you are not able to pay. There is a common misperception that you lose your property in a Chapter 7 bankruptcy. This is not true. The Bankruptcy Act provides very generous exemptions that allow you to keep all property classified as exempt.
Our office can help you get relief from your problems with debt. Contact us or call us at 866-916-9127 or 515-223-4567 for an appointment today!