WHAT SHOULD I DO IF I WANT TO FILE FOR BANKRUPTCY?
Have you recently lost your job? Have you or your spouse experienced a medical illness and the medical bills have piled up? Are you recently divorced? Have you experienced an unexpected expense that you cannot afford to pay? These are just a few life events that may be the cause of your financial troubles.
Contact the Arthur L. Walker and Associates, LLC, for a FREE CONSULTATION to discuss bankruptcy and the options that are available to you. We help clients file Chapter 7 and Chapter 13 voluntary bankruptcy petitions under Title 11 of the United States Code.
We want to assist you in your walk toward financial reorganization.
Arthur L. Walker and Associates, LLC, to establish an appointment for a FREE consultation.
This time will be set aside especially for you. Please gather the following documents:
- 6 months of paycheck stubs
- Copy of your bills, contracts, and financial statements
- Two years of federal and state tax returns
- 60 days of bank statements/credit union statements
- Photo identification
- Social Security Card
Our professional staff will assess your financial statements, etc., to determine if filing for bankruptcy is the right option for you and your family.
- Chapter 7
- Chapter 13
We are here to assist you to regain your financial freedom!
Chapter 7
Chapter 7 is known to the general public as a “liquidation bankruptcy”. Chapter 7 allows the liquidation of unsecured debts such as medical bills, credit cards, and personal loans without requiring the repayment of the debt owed. Chapter 7 will allow those with limited income and do not have the means to pay back all or a portion of the debt to obtain a fresh start within 3 to 4 months.
If you have debt i.e. a mortgage and a car note and you would like to keep the collateral, you may be allowed to keep the collateral through Redemption or you may continue to pay monthly payments by signing a Reaffirmation Agreement.
Chapter 7 is sensitive to income and assets. If you make too much money or have too much equity in your assets, you will have to file a Chapter 13 bankruptcy.
Chapter 13
Chapter 13 allows the reorganization of your debt by making a monthly plan payment for 3 to 5 years. Chapter 13 will stop foreclosures and vehicle repossessions. Chapter 13 will allow you to make up missed payments on your mortgage or car loan, pay tax obligations and domestic support arrearages, stop wage garnishments, pay back student loans, and allow you more time to pay your creditors. Your employer will receive a salary deduction order and funds will be deducted from your paycheck and sent to the Office of the Chapter 13 Trustee. The Office of the Chapter 13 Trustee will disburse funds to your creditors each month. If you are self-employed, you will send a monthly payment to the Office of the Chapter 13 Trustee for disbursement to your creditors.