debt diag

We have over 20 years of experience in Bankruptcy Law and we have worked on a wide variety of matters when dealing with Chapter 7 and Chapter 13 filings. We have helped clients ranging from liquidating some credit card debts, all the way to reorganizing debts to help clients stop a foreclosure sale of their home. We have always consulted with our clients and let them know what is best for them, even if it means to not file Bankruptcy. We understand that debt creates many stresses clients and we strive our best to assist our clients with their wishes.

Chapter 7

A Chapter 7 Bankruptcy is also known as a “liquidation” of your debts because this basically will help you eliminate most, if not all, of your debts.
However, some debts are non-dischargeable, which means you will be required to pay them back. In most cases, filing a Chapter 7 is a basically allowing you to start with a clean slate, stop harassing collection efforts by collection agencies, and eliminate all of your overdue bills.
To file for Chapter 7, you do not need to pay most of your overdue debts because you do not have the financial ability to pay your creditors back.

Chapter 13

A Chapter 13 Bankruptcy is known as a “consolidation” of your debts because this will restructure your debts into one affordable monthly payment plan over a period of time. A Chapter 13 will discharge a greater variety of debts when compared to a Chapter 7 because you are essentially paying your creditors back under a payment plan which you can afford. A Chapter 13 Bankruptcy will allow you to stop foreclosures, stop repossessions, reinstate your driver’s license or remove a car boot because of parking tickets, pay delinquent taxes, stop harassing collection efforts by collection agencies, and eliminate your debts through a structured payment plan. To file for Chapter 13, you do need to have the financial ability to maintain a monthly payment plan.