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Understand what to expect and how to prepare for your legal matter. Each guide below outlines what is involved and the documents you will need to get started.
Bankruptcy
Chapter 7 & Chapter 13
At Silbiger Law Offices, we can help eliminate your tax debt, medical bills, credit card debt, and other bills. Many debtors become overwhelmed with debt they are unable to pay off. By consulting with an attorney, any confusion a debtor may have with following the steps involved with filing bankruptcy would be resolved. Filing for bankruptcy immediately stops foreclosures and repossessions, evictions, wage garnishments, bank levies, harassment, lawsuits, and tax collection.
Filing for bankruptcy immediately stops:
- Foreclosures & Repossessions
- Evictions
- Wage Garnishments
- Bank Levies
- Harassment
- Lawsuits
- Tax Collection
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the most common bankruptcy filed. It is often referred to as the "clean slate" because usually your unsecured debt is wiped away. These unsecured debts could include personal loans, business debt, utility bills, medical bills, credit cards, and other related debt. Secured debts, like your home mortgage or car loans, can be eliminated or discharged in a Chapter 7 Bankruptcy. You can keep the property if you continue to make your regular payments, or surrender the property to the lender and walk away with no personal liability. Chapter 7 is available to people that do not have net assets above those that may be exempted, nor income above the statutory amount. To qualify, you will need to take the means test to determine if you have any disposable income to pay back the debts.
Exempt items you may keep:
- Home
- Vehicle(s)
- Social Security and Disability Benefits
- 401Ks & IRAs
- Home Furnishings
- Alimony and Child Support
- Clothing
- Furniture
Chapter 13 Bankruptcy
Chapter 13 bankruptcy, also known as wage earner bankruptcy, is designed for individuals with regular income to reorganize their finances and pay back creditors with a payment plan — interest free and without late fees and penalties. By reorganizing your finances, you can not only pay back creditors, you could also protect your home from foreclosure. Under a Chapter 13 Plan, approved by the United States Bankruptcy Court, a person can take up to 5 years to reorganize his or her affairs without interference from creditors. In many cases, at the conclusion of the plan, a large portion of the unsecured debt will be discharged.
Property you may keep:
- Home, Investment Properties, Vacation Homes
- Vehicle(s)
- Business Property, Assets & Inventory
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