Is bankruptcy right for you? How does bankruptcy work? What is the difference between a Chapter 7 Bankruptcy and a Chapter 13 Bankruptcy? Will I lose my house, my car, or any other assets? How long does a personal bankruptcy take?
Attorney John W. Gibson assists clients with personal bankruptcy* matters, including Chapter 7 and Chapter 13 Bankruptcy.
We have over 25 years experience helping consumers attain debt relief. We take the time to understand your situation and your goals. Then we explain your options to you, both inside and outside of bankruptcy. If bankruptcy is right for you, we will explain the process and provide you with a general timeline. Please visit our Firm Overview page for information about us, our qualifications, and our service.
Chapter 7 Bankruptcy
A Chapter 7 Bankruptcy is sometimes called a straight bankruptcy. Basically, you have exemptions set by the Bankruptcy Act regarding the assets you can retain, which often include your home, car, and all your other possessions, while discharging your unsecured debt (such as credit card debt).
For debts to secured creditors (loans where the creditor has collateral, such as your mortgage or car loan), you have the option of surrendering the collateral to the lender or reaffirming your debt and continuing payments.
For questions regarding Chapter 7 Bankruptcy, please take advantage of a free phone consultation and contact us. The laws were changed in 2005, making it more difficult to file a Chapter 7 and pushing debtors toward filing a Chapter 13 Bankruptcy.
Chapter 13 Bankruptcy
A Chapter 13 Bankruptcy is sometimes referred to as a personal reorganization bankruptcy. Basically, you are able to adjust your monthly payments for your debts so that you are able to keep all of your possessions and pay a percentage of your unsecured debts (such as credit card debt) and pay the percentage of your unsecured debts that you are able to pay through your best efforts over a three-to-five year period. Your attorney will work within certain guidelines to determine the amount of debt that can be paid in a three-year period. A payment plan will be established.