We assist our clients in filing for Bankruptcy including preparing bankruptcy petitions, attending creditor meetings, and ensuring the bankruptcy process flows smoothly as possible.
Chapter 7 bankruptcy is the most common type of bankruptcy and is the best tool to use to liquidate nearly all of your debts. It allows individuals and business entities to eliminate a variety of unsecured debts such as credit card debt, judgments and medical bills. Although Chapter 7 is a powerful remedy to discharge debt, it does not discharge every kind of debt. Debts such as student loans, spousal support, and child support usually survive Chapter 7 bankruptcy and there are complex rules surrounding the discharge of tax debt. If you are being harassed by your creditors, your wages are being garnished or you are feeling overwhelmed by your financial situation, contact the attorneys at Simonian & Simonian, PLC for a free consultation. We will stop the harassing phone calls and letters from your creditors and help get your financial life back in order.
Chapter 13 bankruptcy is a powerful tool used to reorganize your debts free from the constant harassment of your creditors. For example, if you are behind on your house payments and are facing foreclosure. Chapter 13 will stop the foreclosure sale and allow you to repay your debt over a three to five year period.
A Chapter 13 bankruptcy is preferable if:
You owe a large amount of tax debt. We can help you reorganize your debt and allow it to be repaid interest free over a three to five year period.
You have assets that have too much equity that cannot be protected in a Chapter 7 filing.
Your income prevents you from filing a Chapter 7.
Currently, Chapter 13 allows individuals to reduce or eliminate second and other junior mortgages. The stripping of liens is not available in Chapter 7. If your first mortgage is equal to or greater than the value of your home, the Bankruptcy Court may issue an order whereby all junior liens are stripped or removed from your home, thus making it unsecured debt. Additionally, unlike a Chapter 7 bankruptcy, a Chapter 13 bankruptcy does not place any of your property in danger of being seized and liquidated by the trustee. You will not lose any property when you file for Chapter 13 bankruptcy.
The attorneys at Simonian & Simonian, PLC will guide you through the Chapter 13 bankruptcy process and represent your best interest, from the filing of the bankruptcy petition, to the trustee's meeting, to the confirmation hearing, all the way until you achieve a successful debt reorganization.