Bankruptcy is a daunting term which we are all familiar with, yet, many of don’t quite know the capabilities that filing for bankruptcy presents. It may seem like reaching this point can leave you hopeless but that is far from the case. In fact, for many people, bankruptcy is a way to find a fresh start and achieve new success in finances. When you are starting to think that your only way out is filing for bankruptcy, make sure you are given the proper advice and are led by an experienced team, who know how to get the most out of it, for you.
Before you are able to legally file for bankruptcy, there are two credit counseling course which you must complete; both of which, we will be able to provide. The first of these is pre-filing counseling. This is essentially a course which will help you to identify if bankruptcy really is the best option for your situation. We will walk you through the pros and cons of the filing, as well as providing you with important information about other potential options, such as out debt management service. If the plan is to move forward with the filing, then you will be presented with a certificate, outlining your completion.
The second step, and the last one before your bankruptcy is finalized through a court of law, pre-discharge counseling will help you identify the next steps after filing. Our goal is to educate our clients as deeply as possible, going over the nuances of financial literacy and helping you to understand how you can get your financial progress on the right track. Again, on completion, you will be presented with a certificate, which must be used as legal proof that you are prepared to finalized your bankruptcy.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the most common form of bankruptcy filing. It is known as liquidation and the idea is that this will completely wipe such debts as credit card and medical bills. This is ideal for those with lower incomes as it avoids the need for any repayments to be made after the filing is finalized. If this is the best option for you, we will guide you through the process, from start to finish. We apply our extensive experience to getting our clients through this type of filing quickly and easily, undoubtedly being the fastest route to your debts being wiped.
Chapter 13 Bankruptcy
The other type of bankruptcy filing, chapter 13 bankruptcy is one designed for the debtor who is still capable of making a partial repayment. Usually applicable to those with higher incomes, this method allows you to maintain possession of your assets and instead, will outline a repayment plan for you, usually spread out over 3-5 years. This is what is known as reorganization bankruptcy and can actually present its own unique benefits. If this is the most suitable option for you, we will walk you through the process and see to it that you can make good on those benefits, getting the most out of a typically unfortunate situation.