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Why file for bankruptcy?

Bankruptcy offers protection for debtors. Upon defaulting in payments, creditors will harass debtors in a wide variety of ways, including surprise visits and threatening phone calls. Bankruptcy procedures halt such actions and places debtors under immediate court protection until a resolution is reached.   So, why file for bankruptcy?  The following is a list of bankruptcy benefits:

 

  • Erase debts
  • Flexible repayment plan
  • Protection of federal law
  • Stop foreclosure
  • Halt creditors' harassment
  • Regain control over your financial life
    • What is Chapter 7 Bankruptcy?

    Chapter 7 is the easiest and most sought after bankruptcy filling in the United States. Established under Title 11 – Bankruptcy Court, Chapter 7 enables debtors, such as distressed borrowers, to unload all their debts in exchange for a fresh start. Debtor’s assets are collected and liquidated to satisfy outstanding debts depending on rank, amount and priority. Both federal and state laws provide exemptions to protect life style of debtor.



    What is Chapter 13 Bankruptcy?

    A Chapter 13 bankruptcy is a debt repayment plan allowing debtors to reconstruct their lifestyle to accommodate a drastic change. Very different from Chapter 7, Chapter 13 requires debtor to repay back a portion of their debt in the form of monthly payments. A trustee is assigned the case to act in favor of the creditors with rights to enforce judgment of debtors who fail in their obligations.




    What are the required documents to file for bankruptcy?

    The following is a list of documents required for chapter 13 bankruptcy:

     

  • Copies of the last two years Federal tax returns
  • Copies of all your debts
  • Copies of your paycheck stubs
  • Certificate of Credit Counseling
  • Copies of all financial records (such as checking accounts)
  • Detailed list of monthly expenses
  • List of assets

    • In addition, the court can ask for more documents depending of each individual case.


    How do I know if I qualify for bankruptcy?

    There are many factors to take into account before being able to qualify for bankruptcy.  Please take a moment to take our quick and easy debt test.

     

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