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10 Bankruptcy Quick Points

Chapter 7 Information

FAQ’s for Chapter 7

Chapter 13 Information

FAQ’s for Chapter 13

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Bankruptcy

Chapter 7 vs. Chapter 13: How do I choose?

Determining which type of bankruptcy you should file (if any) can be a stressful decision. You should consult with an experienced attorney to determine the best course of action when considering bankruptcy as an option to resolve your debt situation. At EDF LAW, we will review your financial situation to determine which Chapter would be more appropriate for you. There are many factors to consider when deciding how to handle your debt situation.

The following are some of the common reasons why consumers file a particular type of bankruptcy:

Chapter 7 Bankruptcy

You do OR do not generate regular income AND:

You are unable to pay your debts, including credit card bills or medical bills; or
You are barely able to pay your necessary living expenses such as utilities, groceries, etc.; or
You are borrowing funds or using credit to meet your necessary living expenses; or
You are borrowing from one credit card to make the minimum payments on another credit card; or
You are hesitant to pick up the phone when it rings out of fear it is a collection call; or
You have been sued by a credit card company or collection agency; or
You no longer want your home and you owe more than it is worth; or
You are facing a potential utility shutoff; or
Your wages or bank account(s) are being garnished; or
There may be other reasons that make Chapter 7 bankruptcy right for you, please contact us.

Chapter 13 Bankruptcy

You generate regular income AND:

Your home is in foreclosure; or
You are unable to pay all of your credit card bills or medical bills on a monthly basis; or
You are hesitant to pick up the phone when it rings out of fear it is a collection call; or
You are not eligible to obtain a Chapter 7 discharge but still unable to meet all of your debt obligations; or
You have too much equity in your property that exposes it to risk of liquidation in a Chapter 7 bankruptcy and you do not want to give up the property; or
You purchased your vehicle over 2.5 years ago and you owe more than it is worth or your vehicle interest rate is too high. You may be eligible to reduce the vehicle loan balance or lower the interest rate; or
Your home is worth less than the amount owed on your 1st mortgage and you also have a 2nd mortgage. You may be eligible to eliminate your 2nd mortgage; or
You are behind on your vehicle payments and close to a possible repossession; or
You are facing a potential utility shutoff; or
You need help getting caught up on your back taxes; or
You want to prevent or stop garnishments; or
There may be other benefits that make Chapter 13 bankruptcy right for you. To find out, please contact us.

The above reasons are only to give you a starting point into which type of bankruptcy would be more appropriate for you. Bankruptcy can help eliminate debts and stop collection attempts including harassing phone calls and foreclosures and may offer other potential benefits. To learn more about Chapter 7 or Chapter 13 bankruptcy please click one of the links below.

Chapter 7 Bankruptcy Information - OR - Chapter 13 Bankruptcy Information

Are you thinking about using your retirement funds to pay towards your high credit card debt or medical bills?

Are you thinking of using the equity in your home to obtain a new loan that will be used to pay towards your high credit card debt or medical bills?

Are you thinking of contacting a debt settlement or credit consolidation company that you saw on television or found on the internet to help you with your high credit card debt?

Are you living paycheck to paycheck with no end in sight?

Are you facing a mortgage foreclosure or collection lawsuit from your creditors?

If you answered yes to any of these questions, then you should contact an experienced bankruptcy attorney before making a decision on how to handle your debts. You should know all of your options and the consequences. At EDF LAW, we can help you determine how you should address your debt situation. Bankruptcy may be the best option for you.

KNOW YOUR RIGHTS. KNOW YOUR OPTIONS

EDF LAW CAN HELP. CONTACT US TODAY!