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ankruptcy may be the solution to individuals who are suffering great stress and burdens with their finances. Brett Martin and the Martin Law Firm can analyze your situation and offer the best possible solution to your financial situation. They will guide you through the issues and complexities surrounding bankruptcy, and help you achieve peace of mind.

“Experienced Attorneys Aggressive Representation.”

About Chapter 7 Bankruptcy

Chapter 7 bankruptcy is known as the “liquidation bankruptcy” or “A Fresh Start” as it discharges most of your unsecured debt. It effectively wipes the slate clean and allows the individual the opportunity to rebuild their finances.
When an individual files Chapter 7 Bankruptcy and receiving a discharge, it eliminates obligations to pay the discharged debts. The automatic stay stops collections, foreclosures, wage garnishments, and other legal action. Dischargeable debts in Bankruptcy include; credit cards, medical bills, lawsuits, judgments, repossessions, personal loans, bank loans, judgment liens and more. It is the quickest, simplest and most common type of bankruptcy.
There are some non-dischargeable debts that will not go away by filing Chapter 7 bankruptcy. These include; Alimony, child support, student loans and some taxes.
You must pass a “means test” to qualify for Chapter 7 Bankruptcy. The means test examines financial records, including income, expenses, secured and unsecured debt. You must qualify under income limits that vary by state. There are also debt requirements. For better or worse, some people don’t have enough debt for bankruptcy. You might be forced to sell any non-exempt assets, although important assets like home, car, equipment for work, are exempt and can be retained.

About Chapter 13 Bankruptcy

A Chapter 13 Bankruptcy is also known as a “reorganization bankruptcy”. An individual who files Chapter 13 Bankruptcy proposes to pay back their debt in a 3-5 year period. Chapter 13 bankruptcy can be beneficial for those who are delinquent on their car payments, mortgage payments, or both. Chapter 13 can reduce interest, penalties, and the secured balance on certain claims.
Chapter 13 can be beneficial in that it allows you to include your arrears (past due payments), into the 3-5 year repayment plan. It is important to talk to an experienced Chapter 13 Bankruptcy attorney to determine what options are best for you.

About Chapter 11 Bankruptcy

A Chapter 11 bankruptcy provides for reorganization, usually involving a partnership or corporation. In a Chapter 11 bankruptcy, the debtor proposes a plan of reorganization to keep its business alive and pay creditors over time. It is similar to Chapter 11, but is utilized by large organizations instead of individuals. Individuals can file Chapter 11 bankruptcy if their debt is substantial enough that they cannot file under Chapters 7 or 13. When possible, however, most individual debtors elect to file bankruptcy under Chapter 7 or 13 to avoid the time, cost, and risk involved in Chapter 11 proceedings. .

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