Chapter 7 bankruptcy is the most common form of bankruptcy relief, offering a streamlined process to obtaining meaningful debt relief. Filing for bankruptcy relief allows individuals, married couples and businesses to eliminate overwhelming debt. It is inaccurate to view Chapter 7 bankruptcy as an admission of failure or the end of the line. Sometimes Chapter 7 bankruptcy is your best option.
The process will put an immediate halt to creditor harassment — providing you with the peace of mind that your debt problems are over. A Chapter 7 bankruptcy filing completely discharges most debts of an individual or business. In most cases, an individual may keep certain significant assets. A business can continue operations.
Chapter 13 is a versatile and effective debt relief tool that can help you to protect your assets while regaining control of your money. Our office helps married couples and individuals to structure an effective strategy to pay off all, or a substantial portion, of their debts over a three- to five-year Chapter 13 payment plan. This is not a "debt-consolidation" scheme, but a sanctioned legal process for meaningful debt relief under the Bankruptcy Code.