At the Ratowitz Law Group, we know that life has its ups and downs. Sometimes the downs can become overwhelming and it seems like there is no way out. We can help relieve you of your stress and debt through the bankruptcy process. Filing Chapter 7 or Chapter 13 bankruptcy is a way to end harassing phone calls, eliminate compounding interest, and even save your home.
Our experienced attorneys will advise you as to whether Chapter 7 or Chapter 13 is best for you based upon your specific needs, situation, income, and amount and type of debt.
You are not alone and you do not have to fall farther into debt.
What is Chapter 7 Bankruptcy?
A Chapter 7 bankruptcy is a debt liquidation bankruptcy in which most forms of debt are completely eliminated. A Chapter 7 bankruptcy can discharge credit card debts, medical bills and other unsecured debts. Only a limited number of debts, such as child support and school loans, may not be discharged. By using exemptions that are allowed by law, you will be able to keep your property in most instances.
Through a Chapter 7 bankruptcy you may be able to
- Eliminate or reduce your debts
- Stop creditor harassment
- Stop wage garnishment
To be eligible for Chapter 7 relief, you must meet an economic means test. During our consultation, we will discuss your eligibility for Chapter 7 bankruptcy. Most individuals who cont our firm are pleased to discover that they are eligible for Chapter 7 relief.
If you are not eligible for Chapter 7 bankruptcy, a Chapter 13 strategy may provide the relief you need. Chapter 13 bankruptcy is a debt repayment plan that is approved and ordered by a Bankruptcy Court. Chapter 13 is frequently used to help people avoid a home foreclosure.
What is Chapter 13 Bankruptcy?
If you are facing foreclosure or repossession and you want to keep your home or car, Chapter 13 bankruptcy may be the right solution for you. Chapter 13 is a powerful debt relief tool that can help you catch up on missed payments, cure home and auto loan arrearages and get you the fresh start you need.
In a Chapter 13 bankruptcy, your debts will be organized into an affordable repayment plan that you pay back over three to five years. Chapter 13 is a powerful tool to help you:
- Save your home: Through the Chapter 13 repayment plan, you can get caught up on you late mortgage payments. You may also be able to strop off second or subsequent mortgages in what is known as lien stripping.
- Save your car: Chapter 13 gives you additional time to get current on your auto loan payments.
- Eliminate debt: at the end of the repayment period, any of your unsecured debt such as credit card bills and medical bills will be discharged.
Chapter 13 is a form of financial planning that will help you get back on your feet again and save your most valuable assets from foreclosure or repossession.
During your free consultation, we will take the time to listen to your financial concerns and goals and help you create a debt relief plan that meets your long-term financial needs.
What is Chapter 11 Bankruptcy?
When the economy suffers, small business owners suffers. As a small business owner, the recent downturn in the economy may have significantly reduced your profits and placed your company in economic peril.
One of the ways we can help your company is through a Chapter 11 bankruptcy. Often referred to as a business reorganization, a Chapter 11 bankruptcy is designed to hep business owners pay their debts gradually, discharge a certain portion of debts, and continue to operate their business. In limited cases, the Court may appoint a trustee to operate a business in Chapter 11 proceedings, but in most cases the business owner seeking Chapter 11 relief will continue the day-to-day operations of his or her business.
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