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| Bankruptcy Law |
The bankruptcy laws provide an opportunity for a fresh start to those individuals whose financial difficulties have left them unable to pay their bills and have put them at risk of losing their house, cars, or other property. Bankruptcy is a complex area of the law, and requires the services of an attorney experienced and specialized in bankruptcy law to provide you with an in-depth analysis of your situation and to give you legal advice and representation you can trust to protect your assets and discharge your debts. The Dunne Law Offices offers a free first consultation in our offices where we will discuss with you whether a chapter 7 or chapter 13 bankruptcy filing is your best alternative. During that free consultation a bankruptcy attorney will thoroughly explain the benefits and disadvantages of filing bankruptcy with a full review and comparison of other options. We will give you all the information you need to make the best decision for you and your family. In the United States, the two most common forms of bankruptcy available to individuals and families are Chapter 7 bankruptcy and Chapter 13 bankruptcy. Under a Chapter 7 bankruptcy, an individual completely eliminates all of their legal liability to pay unsecured debt, such as outstanding credit card bills, medical bills, unsecured personal loans, payday loans, judgments, etc. In return for eliminating the majority of your debt, some of your non-exempt property or possessions may be sold in order to help off-set some of your debt. Certain debt cannot be eliminated in Chapter 7 bankruptcy, such as child support, alimony/spousal support, student loans, damages for personal injury accidents or tax debt. Under a Chapter 13 bankruptcy,
an individual consolidates their debt and restructures it into an
affordable monthly payment plan. Unlike Chapter 7 bankruptcy, Chapter
13 does not completely eliminate a debtor's unsecured debt. Under
Chapter 13 bankruptcy, you will still be required to repay a portion of
or all of your debt. However, you pay off your debt in affordable
monthly payments over a period of three to five years. The amount you
pay every month will be determined by the court and in relation to your
monthly income, current monthly expenses, and non-exempt assets, this
way you are not required to pay back more than you can afford each
month. Furthermore, you will most likely get to keep all of your
assets and property throughout the bankruptcy process. |
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