Overview:
At the law firm of Herman & Russo P.C., our skilled personal bankruptcy attorneys are experienced in advising clients in Chapter 7 and Chapter 13 bankruptcy inquiries.
We understand that our clients have felt the effects of the turbulent economy and real estate market in recent years, and we are committed to helping them find relief from their debt. By consulting with one of the qualified lawyers at our Woodstock bankruptcy law firm, you can learn more about filing for bankruptcy and decide if it is an option you should consider.
Bankruptcy is generally a viable option for people in these situations:
Those feeling besieged with debt
Those unable to escape the constant calls from debt collectors
Those worried about losing their homes in foreclosure
Not only can filing for Chapter 7 or Chapter 13 bankruptcy offer debt relief and a fresh start, but in many cases it allows those who file to save their homes and even cars.
How our Woodstock bankruptcy law firm helps you file for bankruptcy
The United States Bankruptcy Code provides different types of bankruptcy that an individual or organization can file. Each type of bankruptcy allows for different methods of consolidating or eliminating debt. There are two main options for filing personal bankruptcy, both of which our Woodstock and Alpharetta bankruptcy law firm can help you file. Not only will we advise you on which type of personal bankruptcy to file, but we can help you prepare and manage the high volume of the required paperwork.
Types of personal bankruptcy
Depending on the circumstances of your debt and what you wish you retain after filing, our bankruptcy law firm in Woodstock will advise you to choose one of the following two types of bankruptcy to file:
Chapter 7. This is most common type of bankruptcy, and it is quickest and least complicated. Commonly known as a straight or liquidation bankruptcy, Chapter 7 bankruptcy requires the liquidation of most of the debtor’s assets and eliminates his or her debt, wiping the slate clean. Most often, individuals with considerable credit card debt and whose household incomes are below the established median are the best candidates for Chapter 7 bankruptcy. Debtors who file under Chapter 7 usually are able to keep their homes.
Chapter 13. Also known as a reorganization bankruptcy or wage earner bankruptcy, Chapter 13 is a better option for an individual who wishes to retain his or her assets while paying off his or her debt over a longer period of time according to a court-supervised repayment plan. Instead of wiping the debt clean, Chapter 13 restructures debt into affordable payments while allowing debtors to maintain all assets. Make sure to contact a bankruptcy attorney from our offices to help you in your Chapter 13 filing today.