Bankruptcy is a court action to eliminate (discharge) your debts. The terms Chapter 7 and Chapter 13 Bankruptcy come from the sections of the federal bankruptcy law that contain these provisions. Spiraling credit card debt, the sudden loss of a job, medical bills, a divorce can wipe out a life's savings.
For many, bankruptcy provides a second financial chance. In Chapter 7 you eliminate your debts completely. A Chapter 7 case usually lasts about 3 to 4 months. Chapter 7 eliminates credit card debts, medical bills, judgments, taxes, loans and other debts. In Chapter 13 you repay some or all of your debts over a 3 to 5 year period.
For many, bankruptcy provides a second financial chance. In Chapter 7 you eliminate your debts completely. A Chapter 7 case usually lasts about 3 to 4 months. Chapter 7 eliminates credit card debts, medical bills, judgments, taxes, loans and other debts. In Chapter 13 you repay some or all of your debts over a 3 to 5 year period.
Services
To get started Call 1-800-585-3169 to schedule a free consultation! The purpose of the consultation is to determine if bankruptcy is the best solution to your financial problems. The costs and benefits of doing so will be explained to you. No Obligation: Having the consultation or completing any forms does not obligate you to do anything, including filing bankruptcy.
From Interstate I89, take Exit 8. Travel east on US RT 2 (River Street) to the intersection of River Street and Pioneer Street. Turn left onto Pioneer Street, cross the bridge, bear left onto Barre Street. Office is first driveway on the left. Turn right onto Pioneer Street, cross the bridge, bear left onto Barre Street.
Chapter 7 bankruptcy is commonly known as consumer or personal bankruptcy. The purpose of Chapter 7 is to discharge debts in order to give debtors a " Fresh Start". What is the Chapter 7 Means Test? The means test is basically a bankruptcy formula used to determine whether you qualify to file Chapter 7 or Chapter 13.
While Chapter 7 cses usually last about three months, Chapter 13 cases last from three to five years. Chapter 13 Bankruptcy helps individuals, or small proprietary business owners (NOT a corporation or partnership), to repay their creditors over time. Among other things, it offers an opportunity to stop foreclosures and repossessions by paying off past due mortgage or car payments over 36-60 months, giving you time to catch up on your payments.
Bankruptcy can provide relief from tax debts. Some taxes and penalties are dischargeable; those that can't be discharged can be paid without interest in Chapter 13. The automatic stay in bankruptcy stops even collection actions by taxing authorities, including garnishment and seizure. These provisions of the law apply equally to state and federal tax agencies.
Reviews
Be the first to review James Palmisano Law Office.
Write a Review