Families facing financial crisis have options which can relieve their stress and provide a new beginning. In our current financial climate, many families have lost significant equity in their homes, lost jobs, faced divorce, or have unexpected medical expenses not covered by insurance.
Chapter 7 or 13 Bankruptcy can offer relief from unmanageable debt. Attorney Patricia Carroll will meet with you for a free bankruptcy consultation to discuss your debt relief options in a thorough and compassionate manner.
How Chapter 7 Bankruptcy Works
In a Chapter 7 bankruptcy, a majority, if not all of a person’s debts are eliminated. This debt discharge can take place even though you own a home; have 401K or IRA, or other qualifying pensions. There are some debts which are not dischargeable. Attorney Carroll will carefully evaluate your personal finances to identify the nature of the debts you face. She will prepare all the necessary paperwork (Petition and Schedules) to file the Chapter 7 Bankruptcy. Attorney Carroll will also be present to represent you in all Trustee meetings or hearings, including court hearings if necessary. People who file a Chapter 7 Bankruptcy must qualify under a means test calculation which Ms. Carroll will prepare on your behalf.
How Chapter 13 Bankruptcy Works
If an individual does not qualify to file under Chapter 7, he or she may decide to file under CHAPTER 13 BANKRUPTCY. With a Chapter 13 bankruptcy, you repay your creditors under a payment plan that lasts approximately three to five years. You are provided the chance to reduce the amount you pay on debts, allowing you to keep your property. Chapter 13 also protects you from your creditors and stops the constant calls to your home. Individuals facing foreclosure could benefit from filing a Chapter 13 bankruptcy especially if arrearages have accrued which need to be restructured over time. Often, those arrearages can be structured into lower payments, lower interest rates, and reduced principal amounts. All payments are made under the supervision of the Trustee of the Bankruptcy Court.