Find the Best Path Out of Crippling Debt.

Are you facing mounting credit card debt, hospital and doctor bills, or calls from collection agencies? Have your wages or bank accounts been garnished? Are you being threatened with foreclosure of your home? Do you continuously find that you cannot make ends meet?

People find themselves in difficult circumstances for a whole variety of reasons. Job layoffs, illnesses, or other unexpected events have left many people with nowhere left to turn. Bankruptcy can help you get a fresh start. 

DIFFERENT TYPES OF BANKRUPTCY

Chapter 7 bankruptcy is the most popular option for filing bankruptcy if circumstances allow.
Here’s how it works:

  • A Chapter 7 bankruptcy case usually takes three to six months to complete.
  • Unlike Chapter 13 bankruptcy, there is no repayment plan to pay into.  
  • The person filing emerges debt-free except for particular types of debts, such as student loans, recent taxes, and unpaid child support. 
  • You can lose property in Chapter 7 bankruptcy, but many filers keep everything that they own. Bankruptcy lets you keep most necessities. 
  • You can also keep your house or car as long as you’re current on the payments, can continue making payments after the bankruptcy case, and can exempt the amount of equity you have in the property. 

A chapter 13 bankruptcy allows individuals with regular income to repay all or part of their debts over a three or five year plan.

If the debtor’s current monthly income is less than the state median, the plan will be for three years unless otherwise directed by the court. If the debtor’s current monthly income is greater than the state median the repayment plan is generally for five years.

During this time the creditors  may not pursue any collection efforts.

Many people fear that bankruptcy means losing a car or even their home. In most situations, we can help you keep your car and home, as well as other personal property.

Filing bankruptcy can give you a fresh financial start by discharging (erasing) many types of debts. Some debts, however, such as student loans and many taxes, for example, are not easily discharged. John can assess your particular situation and determine whether your debts can be discharged.

Expert Guidance through the Process

Pinzelik Law specializes in helping individuals, families, and small businesses with bankruptcy and other debt concerns and will personally answer your questions about the bankruptcy process. Call 503.224.3100 today.

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