Benefits of Bankruptcy
Bankruptcy Attorney
If you have fallen deeply into debt, it is wise to consider the benefits of bankruptcy. This is particularly true of you are suffering wage garnishment or attachment of your bank account. This is not an action to be done lightly however. It is best to consult a
bankruptcy lawyer to evaluate your situation, advise as to your options and help you carry out your plans.
Benefits of Chapter 7 Bankruptcy
This chapter is for those who lack a realistic hope of paying off their debts. It results in full discharge of dischargeable debts. The benefits include:
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All dischargeable unsecured debts are discharged.
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Your creditors must stop all lawsuits or harassment actions.
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You may keep exempt property. This includes, within limits, clothes, wedding rings, furniture, appliances, a modest car and tools of your trade including books.
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Home owners may retain their home equity up to a certain amount.
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You may keep your car or home if you can keep up the payments.
Benefits of Chapter 13 Bankruptcy
This chapter is for debtors with a good income but need time to pay off their debts. It allows the debtor to pay off all debts over a three to five year period. Here are some of the benefits:
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As with Chapter 7, all creditor action against you is halted.
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You may keep all of your property.
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You pay off your unsecured debt interest free.
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You may reduce your overall monthly payments by having your debts consolidated into one payment to the bankruptcy trustee.
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This action buys time to handle a bankruptcy foreclosure. You may include your home loan arrearages in your payment plan. You may then keep the home if you can maintain your mortgage payments in addition to the Chapter 13 payment for your past debts.
Contact a Bankruptcy Lawyer
At Price Law Group, our seasoned bankruptcy attorneys can advise you regarding the filing of bankruptcy. We will go over your situation and evaluate how alternatives to bankruptcy, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy would work for you. We will then advise you of your options and let you decide. We will then assist you to carry out your objectives.
Contact a Bankruptcy Attorney
at the firm to discuss the benefits of bankruptcy.