Struggling to keep up on your bills? Are you drowning in debt? The attorneys at Vanderpool Law Firm, PC are here to assist you in your time of need. When filing for bankruptcy many people feel an unnecessary sense of embarrassment or shame. Keep in mind that you are not alone, and that there are many people out there who have also been forced to file bankruptcy.
We understand that this is a difficult time and we are here to help you get through it. Give us a call today to see if filing bankruptcy is right for you.
The lawyers at Vanderpool Law Firm have the knowledge, experience, and insight to help guide you through your bankruptcy.
The Supreme Court made this point about the purpose of the bankruptcy law in a 1934 decision:
"[I]t gives to the honest but unfortunate debtor...a new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of preexisting debt."
Vanderpool Law Firm is here to assist you with both Chapter 7 (liquidation) and Chapter 13 (repayment plan) bankruptcies:
Liquidation, is a court-supervised procedure where the trustee takes over the assets of the debtor's estate, reduces them to cash, and makes distributions to creditors, subject to exemptions.
Because there is usually little or no nonexempt property in most chapter 7 cases, there may not be an actual liquidation of the debtor's assets. These cases are called "no-asset cases."
In most chapter 7 cases, if the debtor is an individual, he or she receives a discharge that releases him or her from personal liability for certain dischargeable debts. The debtor normally receives a discharge just a few months after the petition is filed.
If a debtor's income is in excess of certain thresholds, the debtor may not be eligible for chapter 7 relief and need to look toward filing for chapter 13.
Repayment Plan, is designed for an individual debtor who has a regular source of income. Chapter 13 is often preferable to chapter 7 because it allows the debtor to keep some valuable assets, such as a house, car, etc., and because it allows the debtor to propose a "plan" to repay creditors, usually over a period of 3 to 5 years.
Chapter 13 is also used by consumer debtors who do not qualify for chapter 7 relief under the means test. Chapter 13 is very different from chapter 7 since the chapter 13 debtor usually remains in possession of the property of the estate and makes payments to creditors, through the trustee, based on the debtor's anticipated income.
In chapter 13 the debtor does not receive an immediate discharge of debts. To receive a discharge a debtor must complete the payments required under the plan before the discharge is received. The debtor is protected from lawsuits, garnishments, and other creditor actions while the plan is in effect.
Give us a call today to set up your consultation to discuss whether bankruptcy or any other alternatives are right for you.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.