Bankruptcy Types

CPLS prides itself with providing clients with the one-on-one personal attention.

We use knowledge of the law to relieve stress and financial burdens.

Bankruptcy is a strange mixture of Federal and State Law, it is important to have an experienced and knowledgeable attorneys to guide you.

Which bankruptcy chapter is right for me?

Chapter 7

Chapter 7 bankruptcy may remove your personal liability for most kinds of unsecured debts, including credit cards, medical bills, personal loans, car accidents (if unintentionally caused), and repossessions.

While getting rid of your debt, Chapter 7 may allow you to keep all of your property. Most people do not lose their furniture, electronic equipment, jewelry, or appliances. People who are current on their house and car payments when they file Chapter 7 bankruptcy, and who keep making those payments after filing, usually keep their houses and their cars, while wiping out all of their unsecured debts.

Chapter 11

A Chapter 11 bankruptcy lawyer helps an individual or business file for a Ch. 11 bankruptcy that will allow that person or business to repay creditors over time while affording “breathing room” before payments to creditors start. Creditors can be repaid through business income, through selling assets, or combination of both.

One advantage of Chapter 11 bankruptcy is that it is possible for a business to retain its current management while reorganizing.

Chapter 13

A Chapter 13 bankruptcy is a way to repay your debts slowly, with a little or no interest, over a 3 to 5 year period. You make a monthly payment (usually a deduction from your pay-check) to a Chapter 13 Trustee and he pays your creditors directly. While you’re in a Chapter 13 repayment plan, creditors cannot try to collect from you personally; they can only receive monthly payments directly from the Chapter 13 trustee. Your Chapter 13 repayment plan is binding upon your creditors.  It is important to have an experienced chapter 13 bankruptcy attorney on your side to help ensure your bankruptcy case is handled correctly.

To be eligible for Chapter 13 bankruptcy, you must have a regular job or a consistent source of income. On top of paying your basic monthly living expenses (rent or a house payment, food, insurance, utilities, etc.), you also must be able to afford the monthly payment to Chapter 13 trustee. If you are eligible, Chapter 13 offers significant advantages.

Contact our office today at 407-647-7887 or 877-647-7887 for a consultation with an attorney. Together we can explore if bankruptcy is right for you and if so, what chapter would be appropriate.