Bankruptcy
Bankruptcy is a procedure established under Federal law which allows individuals to eliminate some or all of their debts and stop creditors' collection efforts. Our bankruptcy attorneys represent both debtors and creditors in bankruptcy matters. We offer Chapter 7 and Chapter 13 bankruptcies to consumer debtors on a fixed fee basis. Generally, people who file bankruptcy:
- Can keep their homes or automobiles as long as they keep paying on their mortgage or car loans.
- Can keep their ordinary possessions, i.e., usual furnishings.
- People without extraordinary assets, such as large amounts of cash or an expensive home with no mortgage on it, will be able to keep all of their assets.
Chapter 7 Bankruptcy: A Liquidation Plan
Most individuals who need bankruptcy protection file a Chapter 7. It is the quickest, easiest, cheapest and most common way to deal with consumer debts. Chapter 7 is called a "liquidation" although, due to state and federal exemptions, which allow filers to keep certain assets,most Chapter 7 filers do not lose any property, and end up keeping their house, car and personal possessions.
Chapter 13 Bankruptcy: A Repayment Plan
Chapter 13 is a repayment plan which requires the bankruptcy filer to pay all of his disposable income (that is, income minus ordinary living expenses) to a Chapter 13 Trustee, who then makes pro-rated payments to creditors.
Our bankruptcy lawyers also frequently assist banks and other creditors protect their rights in bankruptcy by obtaining relief from the automatic stay and providing representation in a variety of contested adversary proceedings.