Bankruptcy is a Federal law enacted by Congress, designed to help consumers and businesses who are having financial difficulties and are unable to pay their debts. Bankruptcy provides Court-ordered protection from creditors and an opportunity to either eliminate or restructure most debts. Bankruptcy stops harassment from creditors and bill collectors.
If you qualify under Federal Bankruptcy Law, you can:
Eliminate
Credit Card Debt
Judgements
Medical Bills
Stop
Foreclosures
Repossessions
Wage Garnishments
Bank Levies
Creditor Harassment
New Bankruptcy laws went into effect in late 2005 which made major changes to the bankruptcy law. The new laws add complexity and many new requirements for filing under both Chapter 7 and Chapter 13, including providing detailed information on income to the Bankruptcy Court. In addition, everyone who files a bankruptcy must participate in a credit counseling session in order to file a bankruptcy petition and complete an education course in order to be discharged from a bankruptcy.
Despite the new laws, bankruptcy relief is still available for most everyone who needs protection from creditors and an opportunity for a Fresh Start.
Chapter 7 Bankruptcy eliminates or “discharges” most debts. Chapter 7 wipes away unsecured debt and gives the debtor a Fresh Start. Most credit card debt, lines of credit, bank loans, medical bills, past due accounts, and civil court judgements are discharged in Chapter 7. It offers protection from harassing creditors. It stops creditors from garnishing wages and attaching bank accounts. It allows you to keep your personal and real property, within limits. Chapter 7 is an affordable, honest alternative to your financial problems.
Chapter 13 Bankruptcy provides for a re-organization or consolidation of debt through reduced, affordable payments budgeted according to your income and living expenses. Chapter 13 stops foreclosures by allowing you to pay past due mortgage payments over a period of three to five years. Chapter 13 may allow you to restructure auto loans so that payments are more affordable. Income tax debt may be restructured as well. Chapter 13 bankruptcy also applies to small businesses. It allows you to continue operating your business during the re-organization period.
Chapter 11 Bankruptcy is similar to Chapter 13, but is geared toward larger businesses and corporations.
There may be other alternatives to filing Bankruptcy, depending on your financial situation. Contact us today for a free consultation.
We are a Debt Relief Agency
We help people file for Bankruptcy Relief under the Bankruptcy Code
Bankruptcy Law
Bankruptcy is a Federal law enacted by Congress, designed to help consumers and businesses who are having financial difficulties and are unable to pay their debts. Bankruptcy provides Court-ordered protection from creditors and an opportunity to either eliminate or restructure most debts. Bankruptcy stops harassment from creditors and bill collectors.
If you qualify under Federal Bankruptcy Law, you can:
Eliminate
Credit Card Debt
Judgements
Medical Bills
Stop
Foreclosures
Repossessions
Wage Garnishments
Bank Levies
Creditor Harassment
Reduce Payments
Vehicle Loans
Student Loans
Tax Debts
New Bankruptcy laws went into effect in late 2005 which made major changes to the bankruptcy law. The new laws add complexity and many new requirements for filing under both Chapter 7 and Chapter 13, including providing detailed information on income to the Bankruptcy Court. In addition, everyone who files a bankruptcy must participate in a credit counseling session in order to file a bankruptcy petition and complete an education course in order to be discharged from a bankruptcy.
Despite the new laws, bankruptcy relief is still available for most everyone who needs protection from creditors and an opportunity for a Fresh Start.
Chapter 7 Bankruptcy eliminates or “discharges” most debts. Chapter 7 wipes away unsecured debt and gives the debtor a Fresh Start. Most credit card debt, lines of credit, bank loans, medical bills, past due accounts, and civil court judgements are discharged in Chapter 7. It offers protection from harassing creditors. It stops creditors from garnishing wages and attaching bank accounts. It allows you to keep your personal and real property, within limits. Chapter 7 is an affordable, honest alternative to your financial problems.
Chapter 13 Bankruptcy provides for a re-organization or consolidation of debt through reduced, affordable payments budgeted according to your income and living expenses. Chapter 13 stops foreclosures by allowing you to pay past due mortgage payments over a period of three to five years. Chapter 13 may allow you to restructure auto loans so that payments are more affordable. Income tax debt may be restructured as well. Chapter 13 bankruptcy also applies to small businesses. It allows you to continue operating your business during the re-organization period.
Chapter 11 Bankruptcy is similar to Chapter 13, but is geared toward larger businesses and corporations.
There may be other alternatives to filing Bankruptcy, depending on your financial situation. Contact us today for a free consultation.
We are a Debt Relief Agency
We help people file for Bankruptcy Relief under the Bankruptcy Code
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