BANKRUPTCY: WHEN YOU’RE READY TO REBUILD FINANCIALLY.
Bankruptcy allows people who simply cannot afford to pay their debts — in part or in whole — to eliminate or restructure them and make their financial lives manageable again.
Bankruptcy can give debtors a fresh start, either by setting up a workable payment plan or by eliminating most types of debt. During an initial consultation, one of our experienced bankruptcy attorneys will carefully outline the costs and benefits of bankruptcy, and help you evaluate your options.
WHILE MOST DEBTS ARE ELIGIBLE FOR BANKRUPTCY, THERE ARE SOME TYPES OF DEBT THAT ARE TYPICALLY NOT DISCHARGEABLE:
- Child support and spousal maintenance/alimony
- Most income tax debt
- Student loans
- Debts relating to criminal or fraudulent conduct
SECURED LOANS AND CHAPTER 13 BANKRUPTCY
Loans that involve collateral, such as home mortgages and car loans, are called "secured debts." Although secured debts can be discharged in bankruptcy, secured creditors can reclaim their property. You must continue to pay these loans unless you wish to allow the collateral property to be foreclosed or repossessed. However, a Chapter 13 bankruptcy repayment plan can give you some time to catch up on payments.