What kind of Bankruptcy protection is available to individuals?

There are generally four primary types of bankruptcy filings, but you may not be qualified to file each type. Generally, Chapter 7 Bankruptcies are liquidations; Chapter 13 Bankruptcies are filed to help you reorganize your debts, and make payments to a trustee who will then pay your creditors. (Chapter 11 and 12 Bankruptcies are not generally for individuals, but for businesses). We can help you decide what type of bankruptcy filing is best for you.

Will I qualify for Bankruptcy protection?

You may qualify to file either a Chapter 7 or 13 Bankruptcy. Each type of bankruptcy has unique advantages and disadvantages. In particular, Chapter 13 requires you to have a source of income; Chapter 7 does not have such a requirement. We can help you choose which chapter serves your needs the best.

If I file Bankruptcy, can I keep my house or my car?

The law is very complicated and your circumstances require careful examination. Whether you will be able to keep your property is a question that can only be answered by experienced counsel reviewing the facts of your particular situation, including the amount of equity (ownership interest) in your property, your payment record, and other important factors.

Can a Bankruptcy filing stop creditors from suing me or calling on the telephone?

Once a bankruptcy is filed, creditors are generally stopped from pursuing collection activities, including telephone calls and filing or continuing law suits to collect their debt.

Can I file Bankruptcy with my spouse?

There may be advantages or disadvantages to a joint filing with your husband or wife. We'll help you decide based on the type of debts and the assets you need to protect.

Can I file for Bankruptcy protection if I own a business?

Yes, but it depends on how the business is owned, the value of your business, and other factors including what you intend to do with the business. The business itself may require bankruptcy protection; if you are a sole proprietor, or have guaranteed your business' debts, you may require bankruptcy protection for yourself, as well.

How do different types of debt affect a Bankruptcy filing?

Different kinds of debt may affect a Bankruptcy filing in different ways. We analyze your debts, and use this information to decide what type of bankruptcy filing is best for you. These debts may be classified as individual or joint, and can be dischargeable or nondischargeable (which means that they can be resolved by the Bankruptcy filing, or remain after the Bankruptcy is over). This determination is very important. You should consult with an Attorney to determine the classification and dischargeability of your debts.

Will I still owe taxes after filing Bankruptcy?

This is one of the least known advantages of filing for bankruptcy protection. Many people do not know that the bankruptcy laws do provide certain protection against federal and state tax obligations. It is possible to discharge some tax obligations, depending on a number of factors, including the type of tax owed, the age of tax obligation, and whether you filed a tax return. If this is one of your concerns, you need to see an experienced Attorney to determine whether your tax obligations can be discharged in bankruptcy.

What is a priority debt?

priority debt is a debt entitled to priority in payment in a bankruptcy case. A general listing of priority debts is given in 11 U.S.C. º 507 of the Bankruptcy Code. Examples of priority debts are some taxes, wage claims of employees, debts related to goods and services provided to a debtor`s estate during the pendency of a bankruptcy case. In addition, alimony, maintenance or support of a spouse, former spouse, or child is considered a priority debt. If you have questions deciding which of your debts are entitled to priority status, you should consult an attorney..

What is a secured debt?

A secured debt is a debt that is backed by property. A creditor whose debt is secured has a right to take property to satisfy a secured debt. For example, most homes are burdened by a secured debt. This means that the lender has the right to take the home if the borrower fails to make payments on the loan. Most people who buy new cars give the lender a security interest in the car. This means that the debt is a secured debt and that the lender can take the car if the borrower fails to make payments on the car loan.