File for Bankruptcy
Filing Bankruptcy is the only legal remedy that discharges your debts, stops lawsuits, garnishment, and foreclosure and creditor harassment under the LAW. It also protects your consumer rights! Speak to one of our Attorneys for Free and learn about your federal rights under the Bankruptcy Court Code and US Laws. .
Bankruptcy may help you:
- ✓ Erase Medical Bills
- ✓ Erase Credit Card Debt
- ✓ Stop Garnishment
- ✓ Stop Foreclosure
- ✓ Stop Creditor Harassment
- ✓ Keep Your Car
- ✓ Keep Your Home
- ✓ Keep Your Furniture
- ✓ Eliminate Stress and Anxiety
- ✓ Get A FRESH Start
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Is bankruptcy an answer to debt relief?
A Disability May Occur To Anyone At Any Point In Time causing serious medical debt
A disability may occur to anyone at any point in time, but the gaping fact is the treatment and costs associated with medical treatment from a doctor or hospital. The treatment of a person may be quite expensive. The person may not have enough and may have to take loans to get treated. The loan could mount to more than a person will make in their entire lifetime and make it difficult for the person to ever clear their debts. Getting a disability benefit may help him swing through the daily chores and monthly living but will not help him clear the loans and get a fresh start from the debt. With disability, the person cannot be employed for gainful income and hence is left with little or no resources to clear the debt. People stuck in such problems can opt for filing a bankruptcy case.
There are two chapters in the USA court that allows the debtor to file a case under bankruptcyChapter 7 & Chapter 13. The applicant needs to fill out the form above describing his / her situation and the need; as per their requirement, the legal representatives will offer suggestions will offer free bankruptcy advice during the consultation and the cost to file for bankruptcy.
Chapter 7
Chapter 7 is a one-shot method of clearing unsecured debts and getting a fresh start. All debts are cleared in during a 341 meeting with a bankruptcy trustee and your bankruptcy attorney with no liability left for later payment. A trustee is appointed by the court, who assesses the assets of the debtor and lists them under exempted and non-exempted properties / assets. The exempted properties are retained by the debtor, while the non-exempted properties are sold/liquidated to clear the debt. The creditor must settle with whatever amount is gained by selling the non-exempted properties. The client before applying for Chapter 7 must realize that he /she may have to lose their asset/properties but in most cases the exemptions allow debtors to keep most of their belongings. You can’t file bankruptcy and own a new Porsche. Which makes sense and is usually not the case with most debtors.
Chapter 13
Chapter 13 is another method of declaring bankruptcy. In chapter 13, a repayment plan is made for 3 or 5 years depending upon the source of income. A debt amount is ascertained by the trustee after evaluating the financial condition of the debtor. The creditor also has to agree on the amount. The amount is then divided into a monthly installment repayment plan that needs to be completed within 3 or 5 years. The time period cannot extend beyond 5 years..
The client applying for chapter 13 can retain his/her properties but must arrange regular monthly payment to the creditor. The applicant can apply for bankruptcy under any one chapter, depending upon their situation and choice. For more information complete our case evaluation to speak with a bankruptcy attorney today.
