IS YOUR MOUNTAIN OF DEBT KEEPING YOU AWAKE AT NIGHT?
Is debt affecting your relationships with friends and family? If you are thinking about filing bankruptcy because you can’t seem to make ends meet and are tired of the harassing phone calls, it is important to speak to an attorney who can answer all of your questions and give you the advice you need at any time of the day or night. At the Law Offices of Steven D. Pertuz, LLC, we would like to make your problems “OUR” problems. We will take on the responsibility of dealing with your financial difficulty and walk you through each step of the bankruptcy process. You can feel comfortable knowing that you can speak to a professional who cares and once you have been fully informed about the law, then we can both determine if bankruptcy is the right decision for you.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy, sometimes called a “straight bankruptcy,” is a liquidation proceeding. This chapter is available to both individuals and business entities. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution for the debtor’s creditors. The debtor receives a discharge of dischargeable debts usually within four months (In a business bankruptcy, statutory exemptions do not apply and a discharge is not given). In the vast majority of cases, the debtor has no assets that he would lose so a Chapter 7 will give that person a relatively quick fresh start by eliminating the debt.
In limited circumstances, a Chapter 7 is possible to eliminate unsecured debt (i.e. credit cards, medical bills and personal loans) and still keep your home.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is also known as a reorganization bankruptcy. This chapter is only available to qualified individuals or small proprietary business owners (NOT a corporation or partnership) who receive regular monthly income but have fallen into financial difficulty. This chapter allows these debts to be paid off over a period of three to five years in an approved bankruptcy Plan. It can offer great opportunities to pay off past due mortgages or car payments over time, giving you the ability to catch up and keep your property. The amount that you must pay back in a Plan ultimately depends on a number of factors such as your income and the total value of your bankruptcy estate.
Chapter 11 Bankruptcy
Chapter 11 bankruptcy is also a reorganization bankruptcy for businesses and individuals who exceed the debt limits of a Chapter 13. Our office focuses primarily on small business and individual Chapter 11 cases. Please contact our office for further information on the Chapter 11 process and the different options of reorganization.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.