Bankruptcy Services
Because a fresh start is the only kind of start...
Bankruptcy is an ever-changing field of law. Recent legislative changes have made it more difficult to file bankruptcy, but they still allow most individuals to file bankruptcy. The need for bankruptcy, however, still exists. The increased medical care costs, declining wages, and an uncertain job market mean that debt often becomes too much for a family to bear. Given these circumstances, a family has only a few options: sell the family home, get a second or third job, or declare bankruptcy. When you declare bankruptcy, you legally state that your debt and expenses exceed your income.
Bankruptcy is not a bad or negative thing. It is a financial decision. Corporations do it every day. United Airlines, K-Mart, and MCI are just a few companies that declared bankruptcy. Declaring bankruptcy is better than making your family suffer or losing your family home. Bankruptcy is a right in our Constitution and is also mentioned and supported in the Bible. Even in the Bible, creditors were trying to exploit helpless debtors.
Chapter 7 Bankruptcy
- It is also called liquidation bankruptcy
- In most situations, keep your home
- Credit card debt is eliminated
- Medical bills are eliminated
- It allows you to get a fresh start
- Credit repair often happens in less than two years
Chapter 13 Bankruptcy
- Debt is reorganized
- Foreclosures are stopped
- You can make up back payments on your mortgage on a 3-year payment plan
- You pay as little as 20% of your credit card/medical debt on the 3-year payment plan
Chapter 11 Bankruptcy
Individuals need to restructure their debt for more significant businesses or high-income assets.
Debt Negotiation
When bankruptcy is not an option, debt can be negotiated.
