Chapter 13 is a different type of bankruptcy that generally allows individuals to keep all of their property if they agree to repay creditors to the extent they can afford to do so over a three to five year period. In order to qualify for a Chapter 13 bankruptcy, individuals must have regular income and their unsecured debt cannot exceed $336,900 while their secured debt cannot exceed $1,010,650.

Often times, people fall behind on their mortgage, automobile, or credit card payments due to illness, divorce, loss of work or other unforeseen circumstances. Chapter 13 allows those individuals to bounce back and save their home from being foreclosed upon, vehicles from being repossessed or wages from being garnished.

Debtors may be able to eliminate a second or third mortgage through a chapter 13 if they can prove their home is worth less than the amount owed against their first mortgage.

Regardless of the type of bankruptcy that is appropriate for you, the Wadhwani & Shanfeld, APLC will be with you every step of the way. Remember, the purpose of a bankruptcy is to provide you with a “fresh start” both to eliminate your pre-bankruptcy debt allow you to move on with your credit post-bankruptcy. In this day and age, it is possible to bounce back from bankruptcy and finance homes and vehicles shortly after the discharge. For now, know that there is certainly no shame in filing a bankruptcy and there is a light at the end of the tunnel. Remember, since biblical times, societies have discouraged debtors from “falling on their swords” when overwhelmed with debt.

Feel free to contact the Wadhwani & Shanfeld, APLC for assistance. You will be treated with the dignity and respect that you deserve from the very first phone call.

As a bankruptcy firm whose attorneys have filed in excess of 9,000 bankruptcy cases, we have a unique approach to settling your unsecured debt. First, we are a law firm and not a “debt settlement company”. Most debt settlement companies are out of state and have no accountability. Moreover, these companies place their clients on unrealistic payment plans that are usually set up to fail. Our office receives many calls from individuals and families that are 8 to 12 months into these plans and have received lawsuits. Once they receive lawsuits, the debt settlement company says they cannot help.

Following are benefits to our debt settlement program:

* We are a reputable law firm and not a “debt settlement company”
* We will put you on a realistic payment plan that is calculated to work
* We only get paid when we settle your accounts (no massive maintenance fees)
* You will receive routine updates on your funds as held in our client trust account
* All settlements are done in writing

Contact us for a free consultation to determine whether a debt settlement makes sense for you.

Chapter 7 is the most common form of bankruptcy. It is a liquidation proceeding in which the debtor’s non-exempt assets, if any, are sold by the Chapter 7 Trustee and the proceeds are distributed to creditors according to the priorities established in the Bankruptcy Code.

One of the primary purposes of a Chapter 7 bankruptcy is to discharge certain debts in order to give an honest individual a “fresh start”. The bankruptcy discharge has the effect of extinguishing the debtor’s personal liability on dischargeable debts. Although the filing of an individual Chapter 7 petition usually results in a discharge of debts, an individual’s right to a discharge is not absolute, and some types of debts are not dischargeable, i.e., past-due child support, student loans and certain income taxes.

Chapter 7 is available to individuals, married couples, corporations and partnerships. Debtors are required to attend a meeting of creditors approximately five weeks after the filing of the case. The case is usually discharged (completed) within four months of filing the case.

Wadhwani & Shanfeld, APLC, will be with you every step of the way through the bankruptcy process. We draft all of the documents for you and do not require you to fill out lengthy applications or forms. We provide representation at the meeting of creditors and will guide you in the right direction upon the discharge of your case.