At Stroud & Ludwig, we file upwards of 60 Bankruptcy's a year.
CHAPTER 7 BANKRUPTCY
Under Chapter 7 Bankruptcy a married family with two minor children can make up to $95,000 a year and obtain a complete wipe out of their consumer debts.
We understand that filing for Bankruptcy will not be your proudest moment. Nevertheless, a Bankruptcy can help you get a fresh start making you debt free. Not only that, you won't have to feel harassed by all those annoying calls from creditors anymore.
Also, as attorneys that practice Bankruptcy Law, we have particular insight in regards to what assets you will be able to keep. Under a Chapter 7 Bankruptcy, if it is filed correctly most of the time our clients are able to keep everything they own, even their car or house.
CHAPTER 13 BANKRUPTCY
For those that do not not qualify for a Chapter 7 Bankruptcy, one can file for Chapter 13 Bankruptcy. We can help you keep your house, your car, and assets! Don't wait until it's too late. Don't let your credit problems destroy your life.
The Federal Court's website says that a Chapter 13 Bankruptcy is "also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years." https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-13-bankruptcy-basics.
There are many intricacies of filing Chapter 13 Bankruptcy, certain debts called priority claims which consists of debts such as taxes and costs must be paid. Other debts that have a lien attached to them such as vehicles or boats are called secured claims. Under a proper wage earner's plan a person may only have to pay for the value of their vehicle, not what is actually is owed. For example a person may owe $20,000 on their vehicle when in fact the vehicle is only worth $10,000. Under a property wage earner's plan a person may only have to pay $10,000.
The debts that are unsecured, such as credit cards, or medical bills do not have to be paid in full as long as the person uses all the income that is left over after paying the priority claim and secured claims to pay down the unsecured debt. Often times with an adequate plan, all credit card, and medical bills will never be paid and the client will be free and clear from those debts.
As you can tell Chapter 7 and Chapter 13 Bankruptcy run the gamut from very simple to very complicated. This is only basic information. At the TravisStroudLaw Firm we handle the very simple to the very complicated Bankruptcy.