What Are My Options?

You can improve your current and future finances through Bankruptcy! Bankruptcy is the fastest way to get rid of debts you can’t pay. In fact, bankruptcy will give you a change at a fresh start to begin rebuilding your credit.

Bankruptcy laws are Federal laws provided under the U.S. Constitution. They are aimed at giving people burdened by debt the chance to get rid of overburdening debt and get a fresh financial start! Only bankruptcy can save your home, relieve mortgage debt, eliminate credit card, medical, vehicle, tax and other burdensome debt.

If you are dealing with an overwhelming amount of debt, then it may be time to consider bankruptcy. Explore our site to get all the answers to your bankruptcy and debt relief questions.

Our law firm is dedicated to helping individuals obtain debt relief through the practice of bankruptcy. Federal bankruptcy laws are here to protect you while you recover financially. We handle two forms of bankruptcy: Chapter 7 and Chapter 13. That means you have all the options available to you under the law.

Option #1: Debt Consolidation - Chapter 13

  • A repayment plan for individuals and businesses with regualr income: If you qualify, it allows you to pay back all or some of your debts within 3 to 5 years.
  • Most importantly, this allows individuals to keep their property and immediately save them from foreclosure
  • Stops repossessions, lawsuits, judgments, garnishments
  • Credit card debt may be completely eliminated 
  • Halts all types of collection action
  • Allows back mortgage payments and other types of debt to be repaid over 5 years
  • Possibly eliminate 2nd & 3rd mortgages

Property can be kept just as long as you can make the regular monthly payments and the Chapter 13 Plan payments. Payments are based on what you can afford, not what you owe. The interest rate on back mortgage payments, tax and credit card debt is currently 0% (yes - zero percent) in the Chapter 13 Plan!

Option #2: Debt Elimination - Chapter 7

  • Chapter 7 wipes out credit card and other debts you cannot afford to pay
  • No debt repayment plan necessary
  • Keep your car and other possessions - stops repossessions
  • Eliminates creditor harassment
  • Postpones the foreclosure sale of your house and wipes out mortgage debt
  • Stops wage garnishments
  • Stops lawsuits and judgements
  • Wipes out debt in 4 months
  • Allows you to control your financial future, have peace of mind and get a fresh start!

 

What about my credit score?

Reasons for a low credit score are numerous past due accounts. The first step to improving you credit is to take care of your existing debts. Your credit will only continue to worsen if you do not handle your outstanding debts. For most people completing their Chapter 13 or Chapter 7 and receiving a discharge increases their FICO score. The reason for this is that getting rid of debts puts you in a better position to handle more credit.