One Of The Most Experienced Bankruptcy Attorney Washington DC, Maryland, Virginia
The Bankruptcy and Debt Relief Law Firm Bankruptcy can enable you to legally discharge debts such as a credit card balance and past-due bills and has increasingly become viable relief for Americans saddled with debt and financial burden after the most recent economic crisis.
Chapter 7 and Chapter 13 are the most popular options for private individuals seeking to dig out from under overwhelming debt. In fact, statistics from the American Bankruptcy Institute show that in 2011:
– More than 900 people in Washington D.C. filed for bankruptcy (Chapter 7 and 13).
– 24,964 people in Maryland filed for bankruptcy.
– 32,671 people in Virginia filed for bankruptcy Bankruptcy is not an appropriate choice for all individuals. A bankruptcy professional, such as an attorney at Harris S. Ammerman, Esq., can help determine if you qualify for bankruptcy. In the meantime, we hope the information below helps to address some of your preliminary questions.
What are my options for filing bankruptcy?
There are a variety of bankruptcy options, including those tailored to businesses and individuals. The most common options for non-commercial filings are Chapter 7 and Chapter 13.
Chapter 7 liquidates certain nonexempt assets in order to pay creditors. The debtor may retain some assets, such as personal belongings and a certain amount of cash.
Chapter 13 allows debtors to retain all personal possessions. It also establishes a payment plan and prohibits creditors from pursuing collection during the repayment period. This allows debtors the opportunity to consolidate debts and take control of their financial future.
What debts can be discharged when I declare bankruptcy?
A bankruptcy filing may discharge various debts, such as:
- credit card charges;
- medical bills;
- past-due utility bills;
- certain business debts; and
- much more.
Not all debts, however, are eligible for discharge. For instance, you may not discharge any debt accrued between the time of your filing and the date of discharge. Other debts simply cannot be discharged.
Non-dischargeable debts include:
- tax bills (in most cases);
- alimony/spousal support;
- child support;
- most student loans;
- court fines; and
- personal injury settlements owed in cases of drunk driving.
You may be able to discharge certain secured claims, such as those held in a mortgage or car lien. However, a creditor may repossess the property in such circumstances. Your bankruptcy lawyer can help you to understand the ramifications of discharging certain debts and how best to approach your bankruptcy filing.
What assets can I protect by filing for bankruptcy?
A Chapter 13 bankruptcy may help you protect valuable assets. These may include:
- House – You may avoid or halt a home foreclosure. You still will be responsible for making mortgage payments but may be relieved from having to pay past-due mortgage bills.
- Car – You may be able to halt a repossession of your vehicle.
The attorneys at Harris S. Ammerman, Esq strive to protect as many of your personal assets and possessions as possible in the course of the bankruptcy filing and discharge.
Do I qualify for bankruptcy?
Most any individual with legal residency in the United States may qualify for bankruptcy. Chapter 7 does employ certain financial requirements, and you will be required to pass a means test before filing. You may be required to file instead for Chapter 13 based on the outcome of the test.
How long does bankruptcy take?
Your debts may be discharged in as few as three to five months under a Chapter 7 filing. A Chapter 13 filing may provide a repayment timeline of three to five years until final discharge of debts.
Are there resources to help me file for bankruptcy?
You have the right to work with a bankruptcy attorney throughout the course of your filing. Our offices provide a free consultation to consumers like you. Contact our offices to schedule your confidential evaluation today.
We advise clients to obtain a free credit report before contacting our office for bankruptcy advice, please go to www.annualcreditreport.com
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The Bible provides for one’s debts to be forgiven after seven years and American bankruptcy law acknowledges this long established principle
Deuteronomy 15 The Year for Canceling Debts:
1. At the end of every seven years you must cancel debts.
2. This is how it is to be done: Every creditor shall cancel any loan they have made to a fellow Israelite. They shall not require payment from anyone among their own people, because the Lord’s time for canceling debts has been proclaimed.
3. You may require payment from a foreigner, but you must cancel any debt your fellow Israelite owes you.
4. However, there need be no poor people among you, for in the land the Lord your God is giving you to possess as your inheritance, he will richly bless you,
5. If only you fully obey the Lord your God and are careful to follow all these commands I am giving you today.
6. For the Lord your God will bless you as he has promised, and you will lend to many nations but will borrow from none. You will rule over many nations but none will rule over you.