Debtor Representation

Even when you are a hard-working employee or small business owner, an economic downturn, loss of employment, unforeseen illness, divorce, investment mistakes, or plain bad luck can put you in a tight spot. Things will get better, but in the meantime you feel like you are going to lose your home, your retirement, or even your sanity. You need some breathing room and a plan for the future. The attorneys at Bryson Legal provide Chapter 7 and Chapter 13 Bankruptcy representation.

 

Chapter 7

A Chapter 7 Bankruptcy is also known as a “liquidation” bankruptcy. If you qualify, a Chapter 7 Bankruptcy can provide you with a fresh start by eliminating most unsecured debts such as credit card debts, medical bills, deficiencies from foreclosures and repossessed cars, and utility arrearages. In addition, your creditors must stop contacting you and stop all collection efforts (including garnishment, foreclosure, and repossession) once your case is filed.

 

Chapter 13

A Chapter 13 Bankruptcy is also known as a “wage earner’s plan,” though it is not necessary to be a wage earner to qualify for a Chapter 13. In a Chapter 13 you will put together a plan of repayment for some or all of your debts. This plan will last three to five years. In most cases, unsecured creditors will receive less than 100% of what they are owed.  Chapter 13 is a good option for those who do not qualify for Chapter 7, wish to get caught up on back mortgage payments, or who have debts that cannot be discharged through a Chapter 7. Like a Chapter 7, your creditors must stop contacting you and stop all collection efforts (including garnishment, foreclosure, and repossession) once your case is filed.