What is bankruptcy and will it wipe out all of my debts?

Bankruptcy is the legal process in which a judge and court trustee examine a person or business’ assets and liabilities who are insolvent and decide whether to discharge their debts, which makes them no longer legally required to pay them. There are certain debts that might not be discharged in bankruptcy, such as tax liens, student loans, back child support, and debts obtained through fraud.

What are the main differences between Chapter 7 and Chapter 13 bankruptcy?

Chapter 7 bankruptcy discharges debts while Chapter 13 reorganizes them, meaning that with Chapter 13, people make ongoing payments for several years according to a plan. Chapter 7 bankruptcy filers do not make ongoing debt payments. Businesses cannot file under Chapter 13. Chapter 7 bankruptcy is for people with limited incomes and people who do not pass the means test cannot file this type of bankruptcy.

Which bankruptcy option will allow me to keep my property?

Chapter 13 does not liquidate assets like Chapter 7 does so you can keep all your property with a Chapter 13 filing. If you file for Chapter 7, some of your property may be exempt and will not be taken. Exempt property may include a portion of equity in your home, pensions, motor vehicles (up to a certain value), tools for your profession, reasonably necessary clothing, furnishings and household goods, household appliances and jewelry.

Can I choose which type of bankruptcy to file? How do I choose the right one?

You may be eligible for more than one type of bankruptcy. In this case, you can select the form that is best suited to your situation. Which type of bankruptcy you should file will depend on a variety of factors, including what type of debt you have, what type of relief you need, if you are interested in keeping certain property and what exemptions you qualify for. An experienced bankruptcy lawyer like Sam Calvert can discuss your options and make a recommendation based on your particular situation.

What happens if I do not disclose all of my assets when I file for bankruptcy?

It is important that you disclose all of your assets to your bankruptcy lawyer and in your bankruptcy petition. Failing to disclose assets can result in serious consequences, including a dismissal of your case, a refusal to discharge debt, liquidation of the asset and charges of bankruptcy fraud.

B.J.M.

Mr Calvert was the most compassionate caring understanding patient lawyer we checked into when looking for a lawyer for filing bankruptcy..it took us over 2 years to finally come to terms with what we needed to do for ourselves financially (we had had a very bad rough time of things for 5 years-financially, life was just not good to us and it started with Jeff's work place he had worked for 29 years just shut their doors, and from there it was hell, car-furnace-etc needed to be replace, severe health problems-we had no health ins. for 4 years, cancer-my new daughter in law, my younger son liver-kidney problems) and just plain trying to stay about water...and yes our house-mortgage that we are still dealing with....when we finally broke down and at the end of our rope, bottom of the barrel we started looking for a lawyer...and believe me when I say we talked with lots....then when l met with Mr Calvert there 1st was something about his his demeanor that put me at ease ( I hadn't felt that with any of the others) and when I stated explaining our situation of whats been going on over the past few years, he just listened, I didn't feel judged, he really helped us come to terms with what we were doing, he knew how guilty I felt about not being about to get ourselves out of the hole on our own...then when we got into the process of it all his guidance knowledge and making sure we always understood what was happening and anytime we called he got back to us in a timely matter...and his charge was reasonable....and when all was said and done he made sure we were good with what had all happened and let us know it was the best thing we could of done for ourselves to get a fresh start....Mr Calvert was awesome!!!!!