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Case Types

Bankruptcy

The U.S. Bankruptcy code offers protection to people who find themselves in financial jeopardy, suffering under mountains of debt. The bankruptcy laws were enacted to provide relief for people who have been victimized by divorce, job loss, identity theft, medical bills, or disability. A combination of unfortunate events can contribute to financial woes. Credit card debt can seem insurmountable with spiraling interest rates. Filing for bankruptcy protection is a sound business decision. Many creditors often wonder why it is taking you so long to file for bankruptcy protection.

The provisions of the Bankruptcy Code can provide you with a safe harbor and a new beginning just when you thought all was lost.

When you file for Bankruptcy Protection, you can choose the kind of bankruptcy that best suites your needs:

Chapter 7: A trustee is appointed to take over your property. Any property of value will be sold or turned into money to pay your creditors. The truth of the matter is however, that vast majority of chapter 7 debtors do not have nonexempt assets, and thus, there is no property to take over or liquidate to pay creditors. You get to keep what you have.

Chapter 7 cases move quickly through the court system and are usually wrapped up in 90 days when you receive a discharge. A discharge means that your debt has been forgiven. A discharge will wipe away all of your unsecured debts such as credit cards, medical bills, most personal loans, judgments resulting for car accidents, repossession, some taxes, payday loans, garnishments, etc.

Certain debts are not dischargable, however. These include child support, most student loans, traffic tickets, and IRS taxes which are 3 years old or older, provided that the return as been filed.

If you find yourself in one of the categories listed below, you should contact the lawyers at CARRINGTON LAW OFFICES, P.C. immediately for a free consultation and case evaluation:

• You have no income or you have low income

• You have little or no money left over to pay your creditors after paying your living expenses

• You have few assets or no assets at all outside of your furniture and clothing

• You are being garnished

• You are being harassed by creditors.

• You are unable to pay your bills

• You are being sued by a creditor

• You are sick and tired of your mountains of debt


Chapter 13 - You can usually keep your property, but you must earn wages or have some other source of regular income and you must agree to pay part of your income to your creditors. The court must approve your repayment plan and your budget. A trustee is appointed and will collect the payments from you, pay your creditors, and make sure you live up the terms of your repayment plan.

If you have a job or regular income, but are still overwhelmed by your debt, Chapter 13 may be right for you in order to get a fresh new start.

If you find yourself in any of the categories listed below, contact the lawyers at CARRINGTON LAW OFFICES, P.C. immediately for a free consultation and case evaluation:

• You own a home but are behind on your mortgage payments

• You are in foreclosure

• You are being sued by one or more of your creditors

• You are unable to pay your bills

• You are being garnished

• You are being harassed by your creditors

• You are sick and tired of your mountains of debt.

Notice: The information on this web site cannot replace the careful consideration of personal factors and changes in the law, which may apply to your case. While this information may assist you, do not rely on it as an answer to a specific legal question. Contact the Bankruptcy lawyers at CARRINGTON LAW OFFICES, P.C. for more information and for a case evaluation.