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Chapter 7 is a liquidation bankruptcy that is filed to cancel unsecured debt and obtain a fresh start. The filing of the case stops all collection activity, including phone calls, letters, and legal action. Debts associated with credit cards, unsecured loans, and garnishments can be cancelled. Certain debts however, can not be cancelled. This will be reviewed in detail at your initial consultation.
Chapter 13 is a reorganization bankruptcy. We are able to set up payment plans through the United States Bankruptcy Court to help you:
- Stop home foreclosure and enable the mortgage arrearage to be caught up slowly over time.
- Eliminate a second mortgage. This is possible if the value of your home is less that what is currently owed on your first mortgage.
- Reclaim a repossessed vehicle and enable the vehicle to be paid at a reduced amount and reduced interest rate.
- Pay child support, income taxes, or student loans at a reduced monthly rate.
Loan modifications can reduce the principle balance, eliminate the arrearage, and/or lower the interest rate on your mortgage. However, obtaining a loan modification can be a very complicated and frustrating process. We can determine what loan modification programs are available for you and handle the entire process from start to finish.