Financial stress can be a huge burden on yourself and your loved ones. We understand that the requirements and procedures for filing Bankruptcy can be daunting and confusing. We will help you determine the best course of action. There are two types of consumer bankruptcy.

Chapter 7
When you’re facing overwhelming debt, bankruptcy can often help—especially with credit card balances, medical bills, and personal loans. A Chapter 7 bankruptcy gets rid of debt quickly. To discharge your debts in Chapter 7, you must first meet the income requirements set by your state; this is called a means test.

In a Chapter 7 bankruptcy, you can “exempt,” or keep a certain amount of property, such as your car (even if it is paid off), your household furnishings, and other belongings and up to a certain amount of equity in real property. You can also reaffirm debts that are secured and continue to pay on them, like a vehicle or home mortgage.

Chapter 13

A chapter 13 bankruptcy is also called a wage earner’s plan. It enables individuals with regular income and those that do not meet the means test for a Chapter 7 to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.

Before you can file for bankruptcy under either Chapter, you must receive credit counseling from an agency approved by the United States Trustee’s office.

Our FREE consultation allows you to thoroughly discuss your financial situation, determine which Chapter you qualify for and best suits your financial situation. Give us a call today and get the answers you need!

Wingate & Mitchell, P.C., is designated as a Debt Relief Agency by the United Sates Bankruptcy Court.


Call Us Today At ♦ (229) 435-0021