Have Questions? We Have the Right Answers.
What is Bankruptcy?
Debtors who are unable or only partially able to pay their debts can discharge their obligations and start over thanks to bankruptcy law.
The US Supreme Court declared that declaring bankruptcy "gives the honest but unfortunate debtor... a new opportunity in life and a clear field for the future, unhindered by the pressure and discouragement of past debt."
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What is Chapter 7 Bankruptcy?
The liquidation of the debtor's non-exempt assets is allowed under Chapter 7. A home or car, for example, might be excluded from bankruptcy.
The sale of the debtor's non-exempt assets is carried out by a court-appointed trustee, who then distributes the money to the creditors.
Under Chapter 7, both people and corporations are eligible to file for bankruptcy.
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What is Chapter 13 Bankruptcy?
An individual with a consistent income may file for bankruptcy under Chapter 13 in order to create a payment plan to pay off debts, often over the course of three to five years.
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What are the main differences between Chapter 7 and Chapter 13 bankruptcy?
Getting your debts discharged is the goal of both Chapter 7 and Chapter 13 bankruptcy. The primary distinctions between the various types of bankruptcy, the eligibility requirements, whether or not you must return your debts, and how much of your property you can keep are the duration of the bankruptcy processes and the qualifying requirements. In contrast to Chapter 13 bankruptcy, which requires you to submit a debt repayment plan to the bankruptcy court, in Chapter 7 bankruptcy you are not required to make any commitments on repaying your debts.
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What is the process for filing Bankruptcy?
Depending on whether you want to file for Chapter 7 or Chapter 13 bankruptcy, the process is different.
Finding out which bankruptcy you are qualified to file is the first step. Schedule a free consultation with our attorneys to determine which options are best for you!
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Is student loan debt dischargeable in bankruptcy?
Student Loans are considered non-dischargeable
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Are medical bills discharged in bankruptcy?
Yes! Typically, medical debt is an unsecured liability that can be dismissed through bankruptcy.
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What is a short sale?
A short sale is when a property is sold for less than what is still owed on the mortgage by the owner.
When a homeowner needs to sell but is unable to continue making mortgage payments, a short sale is an alternative to foreclosure.
Instead of taking the property back through foreclosure and attempting to sell it later, the lender offers to accept less than the whole amount owing in order to pay off a loan now.
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Should I Short Sale my home over Foreclosure?
A short sale is usually a better option than a foreclosure In general, if you complete a short sale, you will have more opportunities later on when you want to get a loan to buy a house.
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Will a Short Sale stop a foreclosure?
A short sale may not always prevent foreclosure.
However, it's possible to persuade a lender to put off the foreclosure in order to pursue a short sale.
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What Qualifies me for a short sale?
Your mortgage balance exceeds the value of your home.
Due to a personal financial situation, you will be unable to make any future payments on your home.
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How long does a Short Sale take?
Getting a short sale approved can take weeks or even months.
Before a short sale is approved, many lenders must satisfy many tiers of management, insurance, and investors.
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I have Multiple mortgages on my home. Can I still do A Short Sale ?
Yes. Each mortgage can be negotiated individually.
