Chapter 7 offers immediate relief from the burden of unmanageable debt. It is available to debtors who are unable to reorganize their debts through a Chapter 13 Debt Reorganization. The main benefit of Chapter 7 is that you will emerge from bankruptcy without any further future obligations on your discharged debts.

The bankruptcy petition that we prepare will be examined and analyzed by a Bankruptcy Trustee to determine the possibility of liquidating your assets to pay the claims of your creditors. The ultimate decision will be made by the U.S. Bankruptcy Judge as to the dischargeability of your debts.

To prepare your Chapter 7 case we will review your financial affairs including, but not limited to your debts, your property interests, your current and past income, your current and future living expenses, and transfers of property within the past year.

Your debts will be determined according to the U.S. Bankruptcy Code as secured, priority or Unsecured. Generally, non-priority unsecured debts will be discharged, except that there are instances when discharge is not allowed or denied, as for example debts associated with some type of taxes, fraud, misconduct, support, fines, student loans. We will inform you as to which of your debts are dischargeable.

Your property interests will also be categorized for scheduling pursuant to the U.S. Bankruptcy Code and analyzed for claims of exemption. This refers to removing property you own from the bankruptcy estate, and eliminating the Trustee from seizing that property for liquidation.

We advise you of problems you might experience before we file your bankruptcy petition. Once we file your case, you will have to attend a Creditors Meeting. This Meeting will occur approximately 30 days after the filing of your case. We will attend this Meeting with you and assist you in preparing for the Meeting.

Upon completion of the Creditors Meeting, we will be available to advise you until your case is concluded 60 days later. Generally absent any complications, you will not be required to appear at any other meeting, depositions or hearings. Your case will then be closed by the Bankruptcy Court with the issuance of an Order discharging all your debts. “Discharge of Debtor.”

This proceeding is used by individuals who want to become current on past due mortgage or car loan payment and retain all their assets while restructuring their payments to creditors, even where creditors have initiated collection, court action, repossession and/or foreclosure. Often their payment each month can be significantly lower than currently exits.

Chapter 13 involves a detailed review by a Chapter 13 Trustee on the feasibility of the proposed Plan of reorganization. The Trustee must be satisfied your Plan meets with the legal requirements of the U.S. Bankruptcy Code, will pay the anticipated creditor claims, and that you will have the ability to complete the Plan.

To prepare for your Chapter 13 we will perform an analysis of your financial affairs, including but not limited to your debts, your property interests, your current and future income, and your current and future living expenses.

Your debts will be classified as either secured, priority or unsecured classes. A reorganization Plan will be prepared, based on your income and living expenses, and your ability to pay.

Chapter 13 will allow you to maintain an acceptable standard of living while you meet your responsibilities under your Chapter 13 plan. If this is not possible, then we will advise you of other alternatives, including Chapter 7 Bankruptcy. Chapter 13 Plans lasts for up to a 60 month repayment period.

After your case is filed, you will be have to attend a Creditors Meeting. We will prepare you and attend this Meeting with you. If neither the Chapter 13 Trustee nor any creditor opposes your Chapter 13 Plan, it will be recommended by the Trustee for confirmation. If opposed, the Judge will consider and rule on the objection.

Remember that you have to make payments on your Chapter 13 Plan 30 days after the filing of your case.

Once your Plan is confirmed by the Court no other court appearances are necessary as long as monthly payments are made. We will advise you until all the payments pursuant to the plans are made.