BANKRUPTCY

Bankruptcy is a constitutionally guaranteed right--designed to benefit qualifying debtors by allowing them to eliminate or restructure their debts.  Upon filing bankruptcy, your creditors MUST immediately stop all collection activities, including foreclosure, garnishment, repossession, collection calls, seizure of assets, IRS levies, and pending lawsuits.  

Chapter 7 Bankruptcy
Also referred to as “straight bankruptcy” or “liquidation bankruptcy”, Chapter 7 is the most common type of bankruptcy. When most people think of bankruptcy, they have Chapter 7 bankruptcy in mind.  In the vast majority of cases, Chapter 7 bankruptcy is the most beneficial for you, the debtor, because it is much cheaper than Chapter 13, and your qualifying debts are discharged within a period of only a few months--not years, as in other types of bankruptcy.  Under Chapter 7 bankruptcy, the debtor is allowed to keep "exempt" assets, which in many cases is everything the debtor owns. 

AT M.A. MUNSON LAW, YOU CAN BE ASSURED THAT WE WILL WORK HARD TO IDENTIFY WHICH CHAPTER OF BANKRUPTCY WILL BE MOST ADVANTAGEOUS AND BEST-SUITED FOR YOU, GIVEN YOUR INDIVIDUAL CIRCUMSTANCES

Chapter 13 Bankruptcy
In some cases, we recommend Chapter 13 bankruptcy, sometimes referred to as “Debt Adjustment ” bankruptcy.  In Chapter 13 bankruptcy, a repayment plan is created which typically requires a debtor to repay a fraction of their qualifying debts, for a period of 3-5 years.  This repayment plan often allows the debtor to catch up on delinquent debts, and additionally, can be used to eliminate or reduce the interest rate on qualifying 2nd Mortgages. Chapter 13 may also afford you the ability to retain assets that you may otherwise be forced to surrender in a Chapter 7 bankruptcy proceeding.  However, Chapter 13 should only be implemented after considering all of the costs associated with the repayment plan, because more than half of all Chapter 13 bankruptcy plans fail, and these debtors are subsequently forced to convert their bankruptcy from Chapter 13 to Chapter 7, if they qualify.  Our advice here is simple: 

ALWAYS SEEK A SECOND OPINION BEFORE FILING CHAPTER 13 BANKRUPTCY

 To schedule a FREE CONSULTATION so that our knowledgeable and experienced attorneys may discuss the details of your case and the options available to you, lease call (435) 238-7734 or CLICK HERE