Bankruptcies are divided into two categories: debt discharges with no payments (Chapter 7) and debt payback arrangements for various sorts of debts (chapters 9, 11, 12, and 13). What sort of bankruptcy is appropriate for you and that you qualify for is determined by a number of variables, including your income, expenditure, obligations, long-term goals, and chapter limits.
For example, if you own your home and want to save it, or if you are buying a car and making payments, a chapter 7 bankruptcy is not for you. If your primary debts are credit cards or medical bills, and you are current on your mortgage and auto payments, chapter 7 bankruptcy may be the best option for you. You should consult a board certified bankruptcy attorney to appropriately identify the proper bankruptcy chapter for your needs.
Bankruptcy should only be used as a last option. If you have bills that can be merged, you should seek debt consolidation with a reputable and well-known debt counseling company before filing bankruptcy. Debt consolidation, on the other hand, will not help with past-due mortgage or auto payments. We help customers submit forbearance agreements on their houses at Bethlehem Bankruptcy. We also help consumers modify their mortgages. In state court litigation, we will defend clients against credit card claims – and may be able to resolve credit card claims in state court litigation. We can also help you with credit card negotiations. We help clients with a variety of debt-related issues.
The bankruptcy process is handled by the federal courts. Bankruptcy is essentially a lawsuit brought against your creditors. You must complete forms for filing with the court, take a credit counseling course, and present financial information to the court in order to file a bankruptcy. Following the filing of your case, you will be obliged to meet with a trustee within 30 days. For cases in chapters 7, 11, and 13, the procedure is different. A chapter 7 bankruptcy should take between 4 to 6 months from the time it is filed to be finished. A chapter 13 case can last anywhere from three to five years. A chapter 11 case might last anywhere from six months to one and a half years. During each step, we provide support and assistance to our clients.
Contact Bethlehem Bankruptcy Lawyer for a FREE CONSULTATION at 610-510-2073.