.png)
Bankruptcy is your legal right to relief from unaffordable debt.
It immediately stops collection efforts - including calls, letters, foreclosures, reposessions, and wage garnishments. And it can wipe out most debts and give you a fresh start moving forward.
There are lots of myths out there about bankruptcy, but Brine Consumer Law will set you straight. We will walk you through the process, outline all options, and help you make the best decision possible.
What Can Bankruptcy Do for Me?
You will first have to determine which type of bankruptcy is right for you based on your unique situation. There are two main types of bankruptcy to be considered: Chapter 7 and Chapter 13.
- Chapter 7. This type of bankruptcy filing offers you the ability to obtain a discharge of debts without any payment plan. It is a quick process that typically takes about 100 days from start to finish. It is considered a “liquidation of assets,” but thanks to state and federal laws, most cases are “no asset” cases in which no property is lost. Your household income will determine if you’re eligible for a Chapter 7 bankruptcy. If you don’t qualify, you will need to consider a Chapter 13 instead.
- Chapter 13. This offers you the ability to obtain a similar discharge of debts after a repayment plan of three to five years. This payment plan and time can be used as an effective tool to catch up on mortgage payments to prevent a foreclosure, or pay non-dischargeable debts like some taxes. There is no loss of property in a Chapter 13.
In all cases, collection activity against you is immediately prohibited after your case is filed. This means that any foreclosure efforts must stop. It also prohibits continued collection calls, letters, etc. There are very few exceptions to this.
Our Bankruptcy Process
From start to finish, Brine Consumer Law’s bankruptcy process is designed to be as simple as possible. Once you have provided the necessary information, our goal will be to file your case within the next 14 days. Emergency cases can be filed sooner, if necessary. Once your case is filed, there will be a trustee appointed in the case who represents the interests of your creditors. We will have a short meeting with that trustee about a month after the case is filed.
After that, in a Chapter 7, your discharge would be issued about 60 days later. Otherwise, In a Chapter 13, your payment plan will begin.
Schedule Your Free Strategy Session Today
While bankruptcy can be a great option in the right circumstances, it may not necessarily be the best option for you. In order to review your options and develop a clear strategy moving forward, please contact Brine Consumer Law today for a free strategy session.