Bankruptcy

A brief explanation of bankruptcy follows:

Chapter 7 bankruptcy, sometimes called a straight bankruptcy, is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who converts it to cash for distribution to creditors. The debtor receives a discharge of all dischargeable debts. In many cases, the debtor has no property that he would lose so Chapter 7 allows that person a “fresh start.”

Chapter 13 bankruptcy, commonly known as “Reorganization,” is a repayment plan for debtors with unsecured debt. Filers of this type of bankruptcy keep all property and make regular payments to a trustee to satisfy debts in one to three years.

Chapter 11 bankruptcy is used for businesses debt.

In our estimation, there is more misunderstanding of bankruptcy as an option for the relief of debt than any other form of debt relief. My findings relative to bankruptcy will be new, eye-opening information for most people.

Following is a summary of my findings:

1. In our estimation, approximately 90% of Americans can qualify for Chapter 7 bankruptcy without giving up their homes or automobiles!
2. We have located a company who works with people who have filed bankruptcy, to assist them with rebuilding credit. Principles of this company believe that bankruptcy is not the “atom bomb” to credit scores as we are lead to believe.
3. We have located an expert team of licensed professionals that specialize in bankruptcy filings at an affordable cost. They offer lower fees than most attorneys and they will accept payments over time.

Chapter 7 bankruptcy is to give a person who is hopelessly burdened with debt, a fresh start by wiping out his or her debts. It will stop collection activity, garnishments, liens, and levies. But please be advised – your bankruptcy will be recorded on the public record for the remainder of your life. You must answer “yes” to having filed bankruptcy on applications, which could prevent you from getting credit or employment in the future.

In our opinion, a Chapter 13 bankruptcy is never a feasible option for the relief of debt. Why pay your debts in full and still suffer from a bad mark on the public record for 20 years? Also, it is estimated that approximately 75% of the people who file Chapter 13 never complete it. It only takes one missed payment to default and have your Chapter 13 dismissed.

For additional information, please feel free to call us toll free at (888) 449-4924. Someone on our staff will be available to either take your call or return your call. You may also click on the “Contacts” link and complete the form for a return call.