Do you have credit card, medical, or other unpaid debts? Is there a lien on your home? In some cases, filing for bankruptcy is the solution put you back on track. We assist consumers with both Chapter 7 and Chapter 13 bankruptcy.
Chapter 7
Liquidation
If you qualify for Chapter 7 treatment under the Bankruptcy code, you will be able to discharge most, if not all, of your ‘unsecured’ debt. Unsecured debt includes Credit Cards, Department Store Cards, Payday Advance Loans, and most Judgment debt.
Chapter 13
Re-Organization
If you choose Chapter 13 Bankruptcy you agree to repay some portion of your debt. Using the protections of Chapter 13, you can prevent or delay foreclosure of your home.
In Chapter 13, you agree to a repayment plan. This repayment plan will allow you to catch-up on any arrears or late payments you may have on your home. By agreeing to repay the arrears over a period of either 3 or 5 years, you may be able to divide up those payments to a level at which you can get caught up on your home.
Lien Stripping
Is your home “underwater”? Welcome to the club! However, if your home has more than one “lien” against it – second or third mortgage, judgement liens on your home, home equity lines of credit, etc – Chapter 13 bankrtupcy may allow you to ‘strip’ these liens from you home. Saving you money on repayment and freeing up your home to go back to earning equity again.
Let us help you get the best possible results for your situation.
