Bankruptcy Help: What Can Bankruptcy Do for You?
Thinking About Filing Bankruptcy?
At Filing Bankruptcy Form, we have a sponsoring network of bankruptcy attorneys nationwide who are ready to speak with you about your case.
Whether you experienced a major reduction in hours, lost your job, suffered an injury or lost your home, you should know that you have legal options for eliminating debt.
It is not uncommon for those considering bankruptcy to have questions, such as:
- Am I qualified to file bankruptcy?
- Can I file for bankruptcy on my own?
- Do I need to hire a bankruptcy attorney?
- How much does filing bankruptcy cost?
- What will my life be like after filing bankruptcy?
- How long does bankruptcy remain on your credit?
- How do you rebuild your credit following bankruptcy?
Get answers to these bankruptcy related questions in our FAQs section. Should you have additional questions about bankruptcy laws and how they apply to you, consider talking with a bankruptcy attorney.
To help you learn whether bankruptcy is right for you, fill out our free bankruptcy case evaluation form. If you prefer to speak with a person rather than use the form, please call (877) 204-9754. There is no obligation and the call is FREE!
Chapter 7 vs Chapter 13 Bankruptcy
One of the most frequently asked bankruptcy questions is: What is the difference between Chapter 7 and Chapter 13?
Under Chapter 7 of the US Bankruptcy Code, a debtor has the opportunity to eliminate (discharge) the majority of their unsecured debts, including:
- Medical Bills
- Credit Card Debt
- Personal Loans (except Student Loans)
- Past-Due Utility Bills
- Payday Loans / Cash Advances
To learn about other types of debt that you have and whether they are covered in Chapter 7, consider talking to a bankruptcy attorney.
A change to the bankruptcy law, effective October 17, 2005, requires credit counseling from a government approved organization sometime within the six month period before filing for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy.
Of course, one of the main issues to address is whether or not you qualify.
The Bankruptcy Reform Bill was passed in 2005 and it dramatically changed the consumer bankruptcy laws. Although most people are still eligible for relief under the new bankruptcy laws, the new laws are considerably more complex so it’s wise to consult with a bankruptcy attorney to see if you qualify.
Repayment Plan Under Chapter 13 Bankruptcy
If you have ruled out Chapter 7, have a steady source of income and would like to be able to repay your creditors over time, consider filing Chapter 13 bankruptcy.
If you are looking to avoid foreclosure, you might benefit from the Automatic Stay in Chapter 13 bankruptcy.
What is the Automatic Stay?
When an individual files for bankruptcy, they will typically receive protection (immediately) from creditors through the automatic stay.
The automatic stay is a special court order that is designed to:
- Stop Foreclosure
- Stop Repossession
- Silence Creditors
- Stop Wage Garnishments, and more…
Each month, thousands of people file Chapter 13. In most cases, they are able to keep their homes, cars and other possessions while managing their debts.
Am I Qualified for Chapter 13?
In order to determine whether or not you are qualified for Chapter 13, the court will consider whether or not you would have the means to repay your creditors over time.
You must have a steady source of income that will remain consistent over the next 3-5 years as you repay your creditors.
If you’ve faced short-term setbacks like job loss, illness or injury, consider filing Chapter 13 bankruptcy. Get the breathing room that you need today.
Other Debt Relief Options vs. Bankruptcy
It is important to note that not everyone would benefit from a bankruptcy filing.
If you’ve got a small amount of debt, you may benefit from another service such as debt consolidation.
One of the easiest ways of determining whether or not bankruptcy would be the right option for you would be to consult with a bankruptcy lawyer. Call 877-204-9754 today for a free, no-obligation consultation!