Bankruptcy
Are you feeling stressed or overwhelmed by debt? Are creditor's constantly calling you and sending you collection letters? We can help.
If you need relief from credit card debt, foreclosure,
motor vehicle repossession, IRS tax problems, or a lawsuit, filing for
bankruptcy is an option. At the Law Offices of Edward A. Shapira we
care about our clients. Our hands-on approach means that a seasoned
bankruptcy lawyer will be handling all aspects of your filing, and you will
get the peace of mind you need.
What is a Chapter 7 Bankruptcy?
Generally, there are two chapters of bankruptcy that individuals file:
Chapter 7 and Chapter 13. Whether you file for Chapter 7 or
Chapter 13 bankruptcy depends on your financial circumstances and your
long-term goals.
Individuals may qualify for a Chapter 7 bankruptcy when they fall
below the median income level in their state and, generally, when their
expenses exceed their income. When you file Chapter 7 bankruptcy,
the court eliminates or liquidates your debts and you walk away from the
financial burdens and start again with a clean financial slate and a greatly
reduced debt burden.
More importantly, you do not have to lose your
house if you file a Chapter 7 Bankruptcy! The idea behind it is not to
leave you penniless with no place to live and no transportation. Depending
on your circumstances, you may file Chapter 7 bankruptcy and still keep your
car and even your house.
What is a Chapter 13 Bankruptcy?
Are you behind on your mortgage payments? Is the bank refusing to make a
deal with you so you can keep your family's home? A Chapter 13
bankruptcy filing can stop those actions and provide you an opportunity
to protect your most valued assets.
A Chapter 13 bankruptcy is a form of federal debt relief that may
allow you to save your home—even if you are behind on your mortgage
payments. We give the court a complete picture of your finances (including
debts). We will then calculate a plan where you will pay a percentage of
your debts back to the court for 36 or 60 months. The percentage you pay
back to your creditors depends on your specific debt, income and expenses.
Your creditors—including your mortgage company—must accept the court's
repayment plan. In other words, you will no longer have lawsuits or
collection calls hounding you—as long as you stick to the repayment plan,
you do not have to worry about foreclosure or repossession.
Filing bankruptcy is not the end of the world. Bankruptcy does not have the
same social or financial stigma that it did even 10 years ago. Our
bankruptcy laws are specifically designed to give debt-ridden individuals
another chance to rebuild a more solid financial future.
Contact us now for a free consultation where we will evaluate your financial situation and tell you what we can do to help you.
