BANKRUPTCY
Facing an unmanageable debt situation and need to find a workable solution? Foreclosure, debt collectors, harassing phone calls, lawsuits, credit card debt, medical debt, back taxes; all can leave you feeling overwhelmed and desperate. Unfortunately, information about the tools and resources to face these complex financial issues can be difficult to navigate without a dependable advocate on your side. Rebecca Cozart can provide guidance for clients seeking to understand the different forms of bankruptcy:
Chapter 7 — Prior to the 2005 bankruptcy reform, this was the most desired form of bankruptcy because it allowed individuals to completely eliminate much of their debt. Chapter 7 bankruptcy involves the use of income and the liquidation of all non-exempt assets to repay as much of your debt as possible. In return, the court forgives any and all remaining debt. However, since the 2005 reform, there are qualifications an applicant must pass before being allowed to file for Chapter 7. It is very important to work with an experienced lawyer that may be able to help you organize a successful application for Chapter 7.
Chapter 11 --- Chapter 11 is the most complex of all the bankruptcies, yet offers a greater level of flexibility than other chapters and can offer greater benefits to the consumer who doesn't meet the criteria for a Chapter 7 or Chapter 13.
Chapter 13 — Chapter 13 restructures your debt and requires that you pay a portion of that debt over the life of the bankruptcy. This allows you to resolve serious debt issues without the need to liquidate personal assets in order to repay creditors. While Chapter 13 bankruptcy also has certain qualifications, they are generally less restrictive than Chapter 7. Chapter 13 bankruptcy is also less damaging to credit, as the debts are being paid through an arranged plan.
If you are facing a debt of financial crisis, you need to know what your options and rights are. When it comes to personal bankruptcy, regardless of the Chapter, there is no substitute for professional experience. Contact Rebecca Cozart to schedule a free consultation to review your situation and get the information you need to make an informed decision about your future.
Facing an unmanageable debt situation and need to find a workable solution? Foreclosure, debt collectors, harassing phone calls, lawsuits, credit card debt, medical debt, back taxes; all can leave you feeling overwhelmed and desperate. Unfortunately, information about the tools and resources to face these complex financial issues can be difficult to navigate without a dependable advocate on your side. Rebecca Cozart can provide guidance for clients seeking to understand the different forms of bankruptcy:
Chapter 7 — Prior to the 2005 bankruptcy reform, this was the most desired form of bankruptcy because it allowed individuals to completely eliminate much of their debt. Chapter 7 bankruptcy involves the use of income and the liquidation of all non-exempt assets to repay as much of your debt as possible. In return, the court forgives any and all remaining debt. However, since the 2005 reform, there are qualifications an applicant must pass before being allowed to file for Chapter 7. It is very important to work with an experienced lawyer that may be able to help you organize a successful application for Chapter 7.
Chapter 11 --- Chapter 11 is the most complex of all the bankruptcies, yet offers a greater level of flexibility than other chapters and can offer greater benefits to the consumer who doesn't meet the criteria for a Chapter 7 or Chapter 13.
Chapter 13 — Chapter 13 restructures your debt and requires that you pay a portion of that debt over the life of the bankruptcy. This allows you to resolve serious debt issues without the need to liquidate personal assets in order to repay creditors. While Chapter 13 bankruptcy also has certain qualifications, they are generally less restrictive than Chapter 7. Chapter 13 bankruptcy is also less damaging to credit, as the debts are being paid through an arranged plan.
If you are facing a debt of financial crisis, you need to know what your options and rights are. When it comes to personal bankruptcy, regardless of the Chapter, there is no substitute for professional experience. Contact Rebecca Cozart to schedule a free consultation to review your situation and get the information you need to make an informed decision about your future.