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What is bankruptcy?
Bankruptcy laws are federal
laws and are the same in every state, although some interpretations of the laws are regional. These laws are found in title
11 of the U.S. Code. The bankruptcy laws are divided into chapters. There are two chapters relevant to consumer cases:
Chapter
7- "straight bankruptcy". When most people think of bankruptcy, they are thinking of what is called a Chapter 7 bankruptcy.
The person owing the money, called the "Debtor" (the "b" is silent, by the way!!) submits information to show all assets (what
he or she owns) and all liabilities (what he or she owes). A "Trustee" is appointed to determine if the Debtor has any assets
which can be taken and sold. If no assets are available (as in most cases we file under this Chapter), and no bad acts have
been commited by the Debtor, most debts are forgiven. However, liens on assets have to be paid if the property is to be kept.
Chapter
13- "wage earner" bankruptcy- the Debtor submits information which shows all assets and liabilities. A "Trustee" is appointed
to oversee the restructuring of debts. Creditors are paid back in whole or in part as requested by the Debtor and as approved
by the court.
Our staff is friendly and knowledgeable and will help you in any way that we can. We are very sensitive
to your needs and promise to give you the attention that you deserve. All initial consultations are free and completely confidential.
Our
office is proud to be considered a federally designated debt relief agency assisting our clients in filing for consumer bankruptcy
under the federal bankrupty laws.
Why should you contact our office regarding your situation?
We have a great
deal of experience and have filed thousands of bankruptcy cases. We are friendly, knowledgeable and affordable and have easy
payment plans. We genuinely care about helping you with your situation and will help you succeed every step of the way. In
addition, we do not believe that the client should have to fill out long questionnaires. We do virtually all of the work for
you! Just follow our simple instructions and you will be successful.
Please give us a call for a free confidential
consultation. We would like to assist you in any way possible. You may reach us at (631)BANKRUPT or (631)549-1111
Give
us a call anytime, or just fill out the information below. All information is strictly confidential!
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