Though filing for bankruptcy is often regarded as a last resort, it may be the most valuable opportunity for you to start a new journey toward financial independence. However, it’s important that each and every option be evaluated ahead of time before making a final decision.

There are two common types of personal bankruptcy. In Chapter 7, many [if not all] of your debts are relieved in a process which takes three to six months. In Chapter 13, you use your own income to make affordable payments on your debts, which generally takes three to five years.

Will bankruptcy help you?

One of the most important considerations involves priority obligations, which are types of debt that cannot be eliminated or discharged by filing for bankruptcy. If these debts are your most significant, filing for bankruptcy may not be in your best interest.

Do you qualify for bankruptcy?

To be eligible for Chapter 7, your income needs to be low enough to pass a “bankruptcy means test.” To be eligible for Chapter 13, there are particular dollar limits which your debts cannot exceed. Generally, those with sufficient income to repay debts in a Chapter 13 plan will be ineligible for Chapter 7; conversely, those with too-low income and too-high debts may not be eligible for Chapter 13.

Are you facing a lawsuit?

Filing for bankruptcy implements an “automatic stay,” which immediately stops all collection efforts, including lawsuits, by creditors. If you are facing a lawsuit, bankruptcy may provide relief and help you eliminate underlying debt.

Could your lender repossess, or foreclose on, your property?

A lender may repossess/foreclose on property only if an individual defaults on his/her obligation to debts which are secured by property, such as a car loan or mortgage. This is why the “automatic stays” of bankruptcies are important, particularly in Chapter 13.

How much property do you own?

This is an important factor. In Chapter 7, there are exemptions which allow you to keep a specific amount of property In Chapter 13, you may keep all of your property, but you will owe an amount greater than or equal to the total value of your non-exempt assets to your unsecured creditors.

Should you choose Chapter 7 or Chapter 13 bankruptcy?

The most important factors in choosing between Chapter 7 and Chapter 13 bankruptcy are: the type of debts owed; your income and expenses; whether you own non-exempt property; and your goal (what you hope to achieve) by filing for bankruptcy.

For more information about bankruptcy, contact Agruss Law Firm, LLC, for a free consultation. We will discuss with you how to get a fresh financial start and immediate relief from creditors. We will examine your financial picture and walk you through all your options, including bankruptcy and the alternatives. We will handle your case quickly and advise you every step of the way.

Comments - Bankruptcy

  1. Stephen

    I am trying to submit info on your “Free Case Evaluation” page, but it takes me to a “404 Page Not Found” page when I hit the submit button. I am being called 1 or 2 times a day by Account Services, USA. They are trying to get me to use their credit card service to reduce my payments. It has been going on for months now. Here is what I was trying to send on your website: Account Services, USA has been calling my house 1 or 2 times a day for months now. I am on the federal Do Not Call List, but they still keep calling. I have asked them to take me off their list, but they still keep calling. Their caller ID number changes almost every day and sometimes it lists my home phone number (on the phone I am answering!). They keep making up their “Facts” about my credit history and get VERY abusive about me using their services sometimes, even threatening that I will be homeless and my kids will starve if I don’t use their services!

  2. Annie

    i just posted a ‘comment’ and question. will someone email me back in a day or so? wow… i Just wrote (typed… & i am a ‘challenged’ key boarder) ; ) .. all the details.. it is good. they would like this case.. but i am typed out!

  3. Terri

    I received a phone call on my home phone and I don’t believe it was intended for me. I tried to call back, but get a busy signal. i just moved to this home 5 months ago and it is a new number for me. the number that called is 862-902-5349. they can reach out to me, but they should the name of the person they are trying to reach!

  4. Orlando

    I’ve been receiving several calls from P&B capital group, they have also called my family telling them it’s a friend from back in the military, I’m not sure who they’re collecting for. I have never called them back, they have left several voice messages from Andrew Foreman, saying that my case has changed legal status. I have ignored their messages but it seems that they have resorted to contacting my brother who lives in NV. I have a suspicion that they may be collecting for Santander, they repo’d my car back in 2010 but I never heard back from them as to how much is owed!

  5. Alicia

    I have been receiving calls from portfolio recovery and I am unsure of what I can do. I had a credit card from us bank in 2009 and I was unable to make the payments after my husband lost his job. After portfolio contacted me they had a Lester contacting me. I just set up payment arrangements with them. Afraid they would put a lien or something on my house I make 2 payments. But today I received a call from portfolio so I am confused!

  6. Rand

    I have an FDCPA claim against EOS CCA. Simple. I canceled with ATT UVerse. They sent me a bill. I paid it 30 days after it was do. But I paid it in full. They cashed the check for LESS than face value of the check. I don’t know why. Probably keying error. Then they sent the ENTIRE amount (about $100) to EOS CCA. THey contacted me on my cell phone and by mail. I disputed the debt and told them to stop collection actions and to stop collecting me because there was no valid debt. They sent me mail with a copy of the bill only (no proof of a debt). They continue to call me despite both WRITTEN and VERBAL demands to stop. I tried to call ATT but they wont help because the account is closed. Im on hold still with ATT too Wasting my time. EOS has already sent the creidt bureau negative info 3 months in a row!

  7. Dennis

    I paid my at&t cell bill in full and now they say we owe them 196.00. they call me almost daily and harass me. I was with them for 10 yrs plus the wife and I are divorced and the phones were still in my name so I called them and told them i wanted to leave and pay the bill so i did and we went with net 10. i owe them nothing. wheneever i called them to pay the bill I told them to. I new they would do this AT&T are corporate crookst!

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