Bankruptcy
BANKRUPTCY
We understand that that individuals are in a very difficult and stressful position when they are considering bankruptcy. This is why we provide a FREE consultation, either in person or by phone, to advise our clients about what a bankruptcy can and cannot do for them.
We understand that that individuals are in a very difficult and stressful position when they are considering bankruptcy. This is why we provide a FREE consultation, either in person or by phone, to advise our clients about what a bankruptcy can and cannot do for them.
The Founders of this nation understood that bad things can happen to good people and put the concept of bankruptcy into the US Constitution.
The purpose of bankruptcy is to get a FRESH START when circumstances deal a financial blow. Some Nuts and Bolts
There are two kinds of personal bankruptcies: Chapter 7 and Chapter 13.
In Chapter 7s (called straight or liquidation bankruptcies) you file, give up your extra stuff, walk away from your debts and Start Fresh. Don't worry, most filers keep everything that makes their life comfortable (houses, cars, furniture, retirement, etc. If you can afford it, you can keep it in a bankruptcy.). A Chapter 7 is short (a few months) and at the end of it, you receive a discharged and don't have to pay the discharged debt.
The other, more rare, kind of personal bankruptcy is called a Chapter 13, (also called a reorganization bankruptcy). Instead of immediately walking away from your debt in a Chapter 7, your debt is reorganized and something is paid back in monthly payments. Persons may have to file Chapter 13s if they make too much money; have too much stuff (and wish to keep it); or if they have filed a Chapter 7 bankruptcy in the last eight years.
The other, more rare, kind of personal bankruptcy is called a Chapter 13, (also called a reorganization bankruptcy). Instead of immediately walking away from your debt in a Chapter 7, your debt is reorganized and something is paid back in monthly payments. Persons may have to file Chapter 13s if they make too much money; have too much stuff (and wish to keep it); or if they have filed a Chapter 7 bankruptcy in the last eight years.
Chapter 13s are also used to work out payment plans. You may be able to save houses and other property on which you got behind, lower interest rates on cars loan, or even pay what something is worth rather than what you owe on it. The Chapter 13 bankruptcy payment and the length time (3 to 5 years) is determined by a number of factors. However, usually you only pay a fraction of what you may owe. As in the Chapter 7, at the end of the Chapter 13, the remaining debt can be discharged.
Mr. Orfanos has helped thousands of people navigate difficult financial situations with advice and bankruptcies. Please call for a free consultation (in person or by phone 317.972.0000).
Mr. Orfanos has helped thousands of people navigate difficult financial situations with advice and bankruptcies. Please call for a free consultation (in person or by phone 317.972.0000).