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IS THIS FOR ME? Bankruptcy is a legal process to help the honest debtor get a fresh start in life. There are generally two "chapters" of the Bankruptcy Code that are available to the common folk -- Chapter 7 and Chapter 13. In very simplified terms, Chapter 7 Bankruptcy is a liquidation proceeding that lasts approximately four months. The debtor may keep his "exempt" property, most retirement pension plans, and his future income. The Trustee may liquidate all of a debtor's "non-exempt" assets to cash in order to pay off claims by unsecured creditors. Generally, the type of person who files for Chapter 7 Bankruptcy is someone who is trying to wipe out a lot of unsecured debts and who has little, if any, non-exempt assets. Chapter 13 Bankruptcy, on the other hand, is a reorganization proceeding that lasts approximately 3 to 5 years. The debtor must submit a "Plan" on how he proposes to pay off his creditors during this time period. One of the most common reasons why a Chapter 13 Bankruptcy is preferable over a Chapter 7 Bankruptcy is to save a home during default or to stop a foreclosure proceeding. |
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Under a Chapter 13, the debtor would have 3 to 5 years to pay back the deficiency amount while maintaining the regular mortgage payment. Many of us wonder what life would be like after a bankruptcy filing. We wonder whether we will ever be able to have credit again. Although a bankruptcy filing stays on a credit report for 10 years, most people do not realize that a derogatory mark on your credit report (such as over 30 days late on a payment, a "charge off", a repossession or |
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foreclosure) stays on a credit report 7 years from the date it was last reported. Accordingly, if a creditor continues to report (or update) the derogatory mark prior to the expiration of every 7 years period, then conceivably, such derogatory mark will remain on the credit report much longer than the 10-year bankruptcy report. Call and let us help you. 800-231-4810 or 419-222-9933 (Lima) WILL THE HARRASSING PHONE CALLS STOP? In either case, a filing under a Chapter 7 or Chapter 13 stops harassing phone calls, demand letters, lawsuits, foreclosure proceedings, wage garnishments, or any other action viewed as a step in the collection of a debt. Give us a call and let us help. 800-231-4810 or 419-222-9933 (Lima) THE FILING PROCESS SEEMS DIFFICULT. Yes, with the advent of the New Bankruptcy Laws the process has become far more difficult for an individual to complete on their own. Although you can complete the task without the services of a lawyer, you could also rebuild your engine without a mechanic. Although we wouldn't advise that either. With our aid, we can guide you through the process very efficiently. Starting the process is just a phone call away. 800-231-4810 or 419-222-9933 (Lima) |
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Regain your peace of mind. Put a stop to... - the harrassment - repossessions or forclosures - pending lawsuits Keep your... - furniture - wages - car and home |
| The Law Office of Farley Banks |
| 311 East Market Street, Suite 201 Lima, Ohio 45802-0363 |
