| Bankruptcy |

Chapter 7 Bankruptcy is for the individual whose debt is mainly unsecured [collateral wasn’t put down] and who does not have a stable income.  Most unsecured debts can be discharged through Chapter 7 with the exception of some taxes, fines, and student loans.  If you are burdened with unsecured debt, such as credit cards, a Chapter 7 Bankruptcy will discharge the bulk of these debts and allow you to retain “exempt” property such as your home, cars, personal property, and retirement funds or continue to make scheduled payments on secured debts by liquidating assets deemed “non-exempt” by the court and using those funds to repay creditors.

Chapter 13 Bankruptcy is for the individual who is earning a steady income and, rather than cancelling your debts, you will receive additional time to pay off all or a portion of your debts.  In most cases your debts can be paid off during the established time at a substantially lower interest rate or with no interest payments at all.  At the end of the plan, whatever debts are remaining may be cancelled.  Chapter 13 is ideal for people with “secured” debts, such as those with property, mortgages, and financed cars, because it allows you to retain this type of property while making planned payments to the court.  If you find yourself considering Bankruptcy [usually, the earlier you get started, the better], our experienced attorneys can guide you through the filing process and ensure that your rights are protected.