Stephanie Simmons 

Filing Bankruptcy can be a great way to rebuild your credit if you have debts that are past due or in collections. You may have heard of many businesses that have filed bankruptcy and afterwards they are able to continue thriving better than before. The Simmons Law Firm believes individuals deserve the same opportunities as businesses and the Bankruptcy laws offer people a way to get a much deserved fresh start when their debt becomes overwhelming. Because bankruptcy law can effect other areas of your life, it is important to make sure you have an experienced bankruptcy attorney who also understands the impact a bankruptcy can have on a divorce, family law matters, contracts and other issues.


About Bankruptcy

Bankruptcy Attorney


CHAPTER 7 BANKRUPTCY


A Chapter 7 Bankruptcy is known as a complete bankruptcy or the liquidation chapter. A Chapter 7 Bankruptcy is commonly filed by people who do not have enough income to pay on any of their debts as all of their money is used for reasonable living expenses. Many people are still able to keep a house and most if not all of their personal property in a Chapter 7 Bankruptcy, depending on their individual circumstances. This type of bankruptcy is called a liquidation chapter because if you have more assets or property then you are allowed to keep, those items can be sold or liquidated to pay on your debts; however, many people who file Chapter 7 do not have to sell their property because it fits under the allowable amount that can be protected. There are several factors that must be considered to determine if a Chapter 7 is the right fit for you, including your income and your budget, the type of property you have and whether or not you want to keep this property or return it to the creditor.


CHAPTER 13 BANKRUPTCY


A Chapter 13 Bankruptcy is known as the repayment plan. In a Chapter 13 Bankruptcy, individuals can create a plan where they pay back a portion of their debt. In this plan, individuals may be able to alter certain terms in some contracts, such as lowering interest rates  monthly payments or get out of the contracts altogether. A Chapter 13 Bankruptcy is usually for people that have some money to pay on their debts, but may not have enough money to meet all of their current monthly payments. This Chapter may also allow people to stop a foreclosure by creating a plan where they are able to catch upon their mortgage payments over a period of time or stop a repossession of a vehicle by catching up on those payments and often lowering the monthly interest rate. What you are able to do in a Chapter 13 Bankruptcy depends greatly on your individual circumstances. Make sure you have an attorney who understands the nuances of a Chapter 13 Bankruptcy and who will help you create a plan that works best for your goals.