Areas of Practice
Chapter 7 Bankruptcy
Chapter 7 is the most straightforward type of bankruptcy proceeding and can be filed by an individual, a legally married couple, or a corporation or other business entity. Types of debt that can be discharged in a Chapter 7 include unsecured debts such as credit cards, personal loans, payday loans, medical debts, as well as unsecured tax debts. The entire process typically takes about 4 months.
The initial filing of a Chapter 7 bankruptcy creates what is known as an “Automatic Stay”, which is essentially a restraining order against your creditors. Collection actions such as foreclosures, repossessions, and garnishments are all stopped with the Automatic Stay.
Qualifying for a Chapter 7 bankruptcy depends on your income and is determined by a bankruptcy “means test” which calculates your total monthly income and debt to determine whether or not you have excess monthly income to pay creditors.
In a Chapter 7, the bankruptcy trustee liquidates, or sells, your non-exempt assets and then distributes the proceeds amongst creditors. With thousands of bankruptcy cases under his belt, Pete Macaluso knows how to maximize the property exemptions provided in the bankruptcy code to protect your property.
Contact our office today for a free consultation to see if a Chapter 7 bankruptcy is right for you and if you qualify under the bankruptcy code. We want to work within your budget. Flexible payment options are available.
“We help people find financial relief under the Bankruptcy Code.
We Are a Debt Relief Agency.”
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Chapter 13 Bankruptcy
A Chapter 13 bankruptcy reorganizes your debt and allows you to pay your secured and priority debts in a structured payment plan, while potentially eliminating all or most of your unsecured debt over the course of 3 to 5 years. Types of secured debt include mortgage arrears, vehicle loans, and any other debt that is attached to a piece of collateral. Priority debts include taxes, domestic support obligations, and other debts owed to governmental agencies.
The filing of a Chapter 13 bankruptcy also places an “Automatic Stay” on your property, stopping collection, foreclosure, and repossession actions against your property.
If you are behind on your mortgage payments, Chapter 13 bankruptcy may be right for you. A Chapter 13 structured plan allows you to repay your past-due mortgage payments. Depending on the amount of equity in your property, you may be able to completely eliminate additional liens on your property such as home equity loans and judicial liens.
Behind on vehicle payments? A Chapter 13 bankruptcy allows you repay this secured debt through a structured plan with the possibility of a lowered interest rate. Depending on how long ago you financed the vehicle, you could qualify to pay only the vehicle’s value if it is lower than the contract balance owed.
Contact our office today for a free consultation to see if a Chapter 13 bankruptcy is right for you and if you qualify under the bankruptcy code. We want to work within your budget. Flexible payment options are available.