Bankruptcy is a powerful tool that can help you take control of your finances and get your life back on track. However, bankruptcy is a complex area of the law. That’s why it’s crucial to work with an experienced attorney who can help you understand your options and make informed decisions. During a free initial consultation with an attorney, we will analyze your situation so you know whether a bankruptcy is right for you, and if so, which type of case (Chapter 7 or Chapter 13) to file.
What is a Chapter 7 bankruptcy?
A Chapter 7 bankruptcy eliminates most debts, which allows you to make a fresh start. It is also an asset liquidation, which means that nonexempt (property that is not protected by law) is sold by a trustee, and the proceeds are paid to your creditors. In many cases, most assets and property are exempt, so it is protected and won’t be lost through the bankruptcy.
What is a Chapter 13 bankruptcy?
A Chapter 13 bankruptcy case allows you to consolidate your debts into one monthly plan payment. A Chapter 13 may allow you to get the benefits of bankruptcy without having to sell a nonexempt (unprotected) property. A Chapter 13 case stops foreclosure sales immediately and protects your property. The typical Chapter 13 case lasts from three to five years.
Whether you are seeking to liquidate your debt or reorganize it and pay it off gradually, we can help. Call us today to speak with an experienced bankruptcy lawyer.
To schedule a free consultation, call 801.365.1030.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.