Simply put, bankruptcy is a declared inability or impairment of ability of an individual or organization to pay their creditors.
If you’re dealing with spiraling debt, looming foreclosure, fear of property repossession, creditor harassment or other financial problems, filing a personal bankruptcy may be a necessary action for you. An experienced bankruptcy lawyer can advise you of your legal alternatives and help you find the best option for your unique situation.
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Personal bankruptcy usually takes two forms:
Chapter 7: allows a debtor or debtors (a husband and wife who file jointly) to retain personal property, cars and real estate (depending on the net value of those assets) while discharging unsecured debts such as credit cards, medical bills and some taxes.
Chapter 13: involves establishing a “reorganization” or payment plan available for debtors who have fallen behind in payments on their mortgage and/or other debts. It may also allow the debtor to partially pay unsecured debts such as credit cards or medical bills.
If any of the above applies to your situation, Gultanoff and Associates can help. Here’s how:
We can determine quickly your eligibility for Chapter 7 or Chapter 13.
Once your case is filed, we make sure that harassing calls from creditors or their representatives cease immediately.
While in most cases the debtor is required to attend one court proceeding, we will be there with you.
Our fees are reasonable and are disclosed in writing at the initial meeting. We charge a flat fee for routine uncontested bankruptcy filings