Bankruptcy can provide individuals and families with a financial fresh start. The two most common types of personal bankruptcy are a Chapter 7 liquidation or Chapter 13 reorganization. Any person 18 years or older may file bankruptcy, regardless of their citizenship status.
Filing bankruptcy generally imposes an automatic stay, which temporarily prevents your creditors from collecting any debt against you. The bankruptcy code provides for monetary penalties for creditors who violates this automatic stay. Bankruptcy can help you postpone or stop foreclosures, wage garnishments, lawsuits, creditor collections and repossession. A successful bankruptcy concludes with a discharge, which eliminates certain debts such as credit card debt, medical bills, court judgments, personal loans, and in some cases even tax or student loan debt.
Kayser Pahor is committed to diligently providing our clients with honest and clear legal advice geared to their particular circumstances. We will assess your financial situation and determine which chapter of bankruptcy is best suited to your income, expenses, assets and debts. To find out what debts we can help you eliminate CONTACT US today.
Chapter 7 Bankruptcy, or a liquidation bankruptcy, is a practical and helpful option for individuals or families who are in need of financial relief. If you are having trouble paying your bills every month, your credit card debt has become overwhelming and burdensome, or you are just tired of creditor harassment and unreasonable interest rates, Chapter 7 bankruptcy may be the solution for you.
A Chapter 7 bankruptcy is referred to as a liquidation bankruptcy because the Court has the authority to sell (or liquidate) any of your nonexempt property, for the benefit of your creditors. The key word here is nonexempt. The Bankruptcy laws allow you exemptions, or allowances, that enable our attorneys to protect some or all of the equity that you may have in your property.
It is important to retain a knowledgeable attorney for your bankruptcy. Our attorneys are experienced and know how to apply your exemptions to allow you to keep as much or you property as possible.
Chapter 13 Bankruptcy, or a reorganization bankruptcy, provides a way to pay your financial obligations through affordable monthly payments over the course of 3 to 5 years. A Chapter 13 bankruptcy can be used to address the defaults on your mortgage payments, car loans, tax debt, child support or alimony.
Think of a Chapter 13 as an interest free, Court imposed debt consolidation plan. You will make monthly payments to a Trustee, who will then use that money to pay your creditors. Your creditors do not have a choice in how much they receive; the Bankruptcy Court and your repayment plan dictate that amount.
When filing a Chapter 13 bankruptcy, you must propose a repayment plan, the amount of which is based on many factors including your current income and expenses, value of your non-exempt assets, and types of debts that you owe, to name a few. Our attorneys are experienced in designing Chapter 13 plans that are feasible and insure that your monthly payment is a low as possible.
Kayser Pahor is dedicated to keeping up with the ever-changing bankruptcy laws for the benefit of our clients. We take pride in helping each one of our clients succeed in their bankruptcy case, to give them the fresh start that the law provides and that they deserve.
We look forward to being your attorneys and to assisting you in any way we can. Please feel free to CONTACT US at any time.