Bankruptcy

You as an individual have a right to file bankruptcy if it is necessary to discharge your debts! There are 2 basic chapters of the bankruptcy code which are available to an individual. These are Chapter 7 and Chapter 13.

Chapter 7 is the "Liquidation Bankruptcy" because you can discharge all of your debts. You are also entitled to claim some exemptions to keep property. Each state has its own exemptions. You also have the right under the bankruptcy code to reaffirm some secured debts such as an automobile or household furniture. Keep in mind that under Chapter 7 some debts are not dischargeable. This includes certain taxes, fraud, alimony, child support, and some student loans.

The other bankruptcy is Chapter 13. This is a wage earner's plan. In very simplistic terms it allows you to pay off a portion of your debts over a certain period of years. At the end of that time if you have completed your payments, the rest of your debts are discharged.

Above all, if you feel that you are in a financial situation where your creditors are hounding you and bill collectors do not leave you alone you should seek the advice of a lawyer to see what your rights and options are in your case!

Contact our office at 1-800-257-4337 and ask for Mike Peek. Mr. Peek can be contacted at .