Bankruptcy Filing Procedures in Our Office.

How it Works.

Come by one of our offices for a free, no-obligation consultation with a member of our staff.  We will obtain basic information from you to ascertain which Chapter is best suited to help you.  If we determine that bankruptcy is the best optiojn for you, we will give you a bankruptcy questionnaire packet that you should complete.  When you complete filling out the packet with information about yourself, your creditors, assets information, and other required information, bring the packet back to our office along with certified funds of $500.00.  One of our qualified paralegals will then contact you with questions and will type a draft version of the bankruptcy petition that is best for you.  Afterwards, an appointment will be set for you to come in and meet with an attorney to review your Petition.  Once you submit the second $500.00 payment to our office, we will electronically file your Bankruptcy Petition, serve your creditors with notice, and the collection actions, garnishments and foreclosures against you will automatically and immediately stop.

Chapter 7.

A Chapter 7 bankruptcy is a debt liquidation that results in the reduction or elimination of certain debts that are subject to discharge by federal bankruptcy laws.  To successfully complete a typical Chapter 7 case, you are required to:

1. Complete a Debtor Education class.
2. File an accurate and complete Schedule of Assets and Statement of Financial Affairs with the U.S. Bankruptcy Court.
3. Surrender any non-exempt assets to a court-appointed bankruptcy trustee.
4. Cooperate with the Bankruptcy Trustee by providing honest information and attending a Section 341(a) Creditors Meeting.
5. Complete a second Financial Management course.

Upon successful completion of these steps, a debtor will receive a "discharge" which is a court ruling showing that the debtor's debts have been eliminated.  Keep in mind that certain debts cannot be discharged - debts like child support, student loans and certain taxes.

A Chapter 7 case is usually best for debtors who have a small amount of assets.  For debtors who have larger amounts of assets, a Chapter 13 filing may be more suitable. 

Chapter 13

Chapter 13 is a debt-restructuring plan designed to allow debtors to pay their debts within a manageable time frame, usually 60 months.  Filing a Chapter 13 plan can help a debtor protect his assets in exchange for making a regular monthly payment to the Chapter 13 Trustee.  A Chapter 13 filing can be particularly helpful for debtors who are at risk of home foreclosure or vehicle repossession.

Generally, a Chapter 13 plan will be able to help you:

• Stop Creditor Harassment
• Stop House Foreclosures
• Prevent Asset Seizure
• Prevent Vehicle Repossessions
• Stop Wage Garnishment

Chapter 11

Chapter 11 is designed to give businesses time to reorganize themselves, while allowing them to re-negotiate their debts with uncooperative creditors, and get out of burdensome leases and contracts.

Chapter 11 may be a good option for those businesses who have a good outlook for continuing in business, just if they got a break.  In the typical case, a business will continue operating, but under the supervision of the Bankruptcy Court.  The Court has broad powers to force settlement terms on creditors even when the creditors oppose such treament.