Bankruptcy

Filing bankruptcy can help a person who can no longer pay his/her debts by discarding debt or making a plan to repay debts. Even though deciding whether to declare bankruptcy is very difficult, bankruptcy may be the best relief solution and only chance for some people to get a fresh start in their life.

Here are two main forms that our clients file for: Chapter 7 and Chapter 13.

Chapter 7: In a chapter 7 bankruptcy, the trustee sells most of your assets in order to raise cash to pay your creditors. You may be allowed to keep some of your assets, such as clothing and household goods. Debts such as unpaid child support and certain taxes cannot be discharged.

Chapter 13: In a chapter 13 bankruptcy, you will need to develop a plan to repay your debts. You should have enough steady income to be able to keep up with your developed plan. These plans can usually take 3-5 years and the trustee will be the one to administer the plan, collect payments and distribute to your creditors.

What are the advantages and disadvantages of filing Bankruptcy?

Advantages:

​Automatic Stay-Your creditors must stop all collection efforts as soon as you file for bankruptcy. If your creditor continues to collect for your debts, they will be cited in contempt and ordered to pay a fine.

​Fresh clean start-Once your Chapter 7 petition is discharged, all debts included in the petition are permanently erased.

Protection for your assets-Filing for Chapter 13 can help you protect your assets in foreclosure proceeding, specially your home.

​Disadvantages:

Ruin your credit-Your credit score will be negatively affected if you file for bankruptcy. This record will stay for 7(chapter 13) to 10(chapter 7) years.

Hard time to get a new credit card – You may have a hard time to apply a new credit card due to your bad credit score when you get the judgment for your case.

Not all of your debts will be discharged.

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