| About Bankruptcy |
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Bankruptcy is created, regulated and monitored by the government. It is a tool created by the United States Congress to help individuals and companies deal with overwhelming debt. It is monitored and implemented by the office of the United States Trustee, and judges in the United States Bankruptcy Courts. Usually, someone in bankruptcy has one meeting with a representative of the United States Trustee. This representative is called a "Panel Trustee". The Panel Trustee is the gatekeeper who looks over your bankruptcy application (called "Petition and Schedules") and makes sure you qualify for bankruptcy. Your attorney at Waltzer Law Group will take you through everything step by step. We will prepare your case flawlessly so that this meeting with the Trustee will be swift and smooth. Your attorney will be by your side for the meeting and the entire process leading up to it. Chapter 7, Chapter 13, and Chapter 11 are the three most common types of bankruptcy. They are called "Chapter" because each type of bankruptcy is regulated by a specific chapter of the United States Code (the main Federal Book of Laws). CHAPTER 7 BANKRUPTCYChapter 7 bankruptcy is total elimination of dischargeable debt. Dischargeable means “legally allowed to be wiped out”. Things that are dischargeable include credit card and charge card debt, loans, some tax debt, mortgage deficiency, personal liability for business debt, deficiency on a car loan, social security over-payments and many other kinds of debt. I can help you get rid of all of these kinds of debts in one-shot with a Chapter 7 bankruptcy. Certain kinds of debts are NOT dischargeable. Things like student loans, some taxes, child support, debt from fraud, alimony and criminal penalties are NOT dischargeable. They won’t be affected by bankruptcy. Many people can file Chapter 7 bankruptcy and keep their houses, cars, retirement accounts, and other property. When we meet, I will advise you about what I can protect for you. CHAPTER 13 BANKRUPTCYChapter 13 bankruptcy refers to a special plan to repay some or all of your debt. People generally file chapter 13 for one of two reasons. 1-they have property that would NOT be safe if they filed a Chapter 7 bankruptcy. 2-they have too much income. Most clients use chapter 13 to save their houses and catch-up on mortgage payments. When we meet I will advise you in detail about whether chapter 13 bankruptcy would be the best solution for you. When you file a Chapter 13 bankruptcy, you go on a payment plan for 36 or 60 months. Each month you make a payment to a bankruptcy official. Once you complete your payment plan, you are forever done with the dischargeable debt you had. CHAPTER 11 BANKRUPTCYChapter 11 bankruptcy is for corporations and high-income/high asset individuals. Most typically, chapter 11 is used by businesses that want to address their debt but need to keep operating in order to do that. Waltzer Law Group does handle creditor advocacy in Chapter 11 cases. |