Bankruptcy

Filing for bankruptcy is an important decision that has significant implications for your life. However, when mounting debt begins to feel unmanageable, bankruptcy can provide relief. Keep in mind that Bankruptcy is not your only option, but it may be the best way to retain assets, avoid garnishments and stop repossession in order for you to get your finances balanced again. If bankruptcy is not the best option for you, I will work with creditors for you to develop out-of-court solutions that result in smaller debt amounts payable and more manageable with monthly installments.

For many, chapter 7 or chapter 13 bankruptcy is the best strategy for them to get on the right track financially.   For others, bankruptcy may not be necessary.  Bankruptcy is very complicated and isn’t something to take lightly. Please don’t make the mistake of taking this undertaking on without an experienced attorney.

With Cope Law Group, I will analyze your case personally and give you my advice about which direction works best. I review your debts, income and expenses and will explain the full effects of bankruptcy on your family, business, home ownership and access to credit. Bankruptcy may or may not be best for you. My upfront approach will give you the knowledge you need to know to move forward with your financial future.

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    Fill out the contact form or contact our office today at 801-809-2565. Available during regular business hours and by appointment evenings and weekends. You can reach us by phone or email: cam@copelawgroup.com

    Chapter 7 Bankruptcy

    Chapter 7 bankruptcy is one of the common chapters to file and is also known as the liquidation bankruptcy because you are liquidating all your debts and potentially assets. In a Chapter 7 bankruptcy, the trustee looks for assets that you may have that can be sold at auction in order to pay your debts. If the only assets you have are protected from repossession, then you have a No-Asset Case. With No-Asset Cases, you lose no property and your case will be moved directly to the discharge phase of the proceeding.

    A Chapter 7 may be best for you if:

    • You have an excessive amount of unsecured debt

    • It is difficult to keep up with the minimum payments

    • Most or all of your debt is Unsecured debt – (definition)

      • Examples of unsecured debt

    With a Chapter 7 Bankruptcy, we can stop foreclosure and repossession.  We can even get a repossessed vehicle back if you act quickly. We can stop garnishments as soon as we file your case.

    Chapter 13 Bankruptcy

    Chapter 13 Bankruptcy is also a common chapter to file bankruptcy under but not as common as Chapter 7. Chapter 13 Bankruptcy if:

    • You have consistent income

    • Even with the consistent income, you are struggling to pay your bills

    • You are nervous that a single unexpected expense like medical bills could be or already is enough to put you in an extreme financial bind.

    In a Chapter 13 bankruptcy, you will set up a 3-5 year budget with the court-appointed trustee that is reasonable and is likely to succeed. Throughout the 3-5 years, you will pay back only a percentage of the total debt that the court determines is reasonable, pro-rata to your creditors. Once your payment plan is completed, you will no longer have the obligations to your creditors. You are done. A Chapter 13  bankruptcy is similar to a consolidation loan, but generally gives you better rates, lower principles with a better outcome. The big reason to file a Chapter 13 over a Chapter 7 is that with a Chapter 13, you don’t risk losing any of your property because you are repaying the debt.

    With a Chapter 13 Bankruptcy, we can set it up so there is no money down, you can stop foreclosure and repossession. You can even get a repossessed vehicle back if you act quickly. You can stop garnishments as soon as we file your case.

    Chapter 7 compared to a Chapter 13

    • Relatively short process – completed in as little as 120 days

    Disadvantages of Chapter 7 compared to Chapter 13

    • Chapter 7 Sometimes – Risk of losing some of your personal property in order to repay your creditor

    • Chapter 13 bankruptcy

    An option for families facing foreclosure or whose incomes are higher, Chapter 13 bankruptcy permits you to pay off debts under a court-ordered installment plan extending three to five years. This option provides numerous advantages, including the possibility of keeping your home.

    • Chapter 7 bankruptcy

    For individuals and their spouses who own fewer assets and earn smaller incomes, Chapter 7 bankruptcy grants you relief from debts through liquidation of your assets.

    • Chapter 11 bankruptcy

    For corporations, partnerships and sole proprietorships, Chapter 11 bankruptcy permits your business to continue operating while you pay creditors under a reorganization plan.

    Important Terms and Definitions for Bankrtupcty

    Automatic Stay

    Reprieve through automatic stayFiling a bankruptcy petition automatically triggers an automatic stay, meaning creditors must immediately stop collections letters and phone calls. I correspond with your creditors from the moment you file for bankruptcy and act entirely on your behalf.

    Asset Protection

    One big misconception with a Chapter 7 Bankruptcy is people sometimes believe that you will lose everything your own. Fortunately this is not the case. You are protected to keep certain assets like your home, car, household goods, tools for trade, etc (link).

    Stop Garnishments

    Avoid Repossession

    Definition and Examples of Unsecured Debt

    Definition and Examples of Secured Debt

    Unavoidable Debt

    SCHEDULE YOUR FREE CONSULTATION

    Contact our office today. Available during regular business hours and by appointment evenings and weekends.  You can reach us at phone:  or Email:  cam@copelawgroup.com

    We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

    Client required to pay the court filing fee.  Client required to pay the credit counseling fee.

     

    Please call us for a free consultation.

    Cope Law Group, PLLC

    801-809-2565