You have options when you face severe debt problems!
Chapter 7 Bankruptcy
We often describe Chapter 7 as the “ultimate fresh start.”
·You will typically be relieved of all liability relating to unsecured debts, which means you don’t have to pay your creditors anything.
·You will usually retain all of your assets.
·Chapter 7 remains on your credit report for 10 years, but you can begin rebuilding your credit as soon as the bankruptcy filing is concluded and the court issues the discharge.
·The discharge process takes approximately five months from the date of filing. The amount of time that it takes to file varies.
Obviously, individual circumstances may cause exceptions to these typical outcomes.
So what about your credit? While it is possible it may take you years to improve your credit score, you may also see substantial improvements if you take positive action as soon as you receive your discharge.
Chapter 13 Bankruptcy
A Chapter 13 bankruptcy is set up like a payment plan. Typically, Chapter 13 is the alternative for clients who don’t qualify for Chapter 7. Other clients take Chapter 13 because there are options in Chapter 13 that don’t exist in Chapter 7.
·Back taxes and student loans are usually easier to deal with in Chapter 13.
·Chapter 13 has allowed some of our clients to get rid of second and third mortgages, or to pay for what a vehicle is worth, instead of what is owed.
·Some clients exceed the income threshold for Chapter 7 and must take Chapter 13 instead.
Chapter 13 stays on a credit report for 7 years after the date of filing. It typically takes 3-5 years to complete a Chapter 13 bankruptcy, which means your credit score could be back on track in as little as 2 years after the date of discharge.
A Chapter 12 bankruptcy is similar to a Chapter 13 bankruptcy, but it is designed to help farmers, and those in the agriculture business.
Prior to filing a Chapter 7, 12, or 13 Bankruptcy you must complete a credit counseling course. The certificate you receive is included in your filing documents. The certificate is good for six months at a time, and then it expires. We use Greenpath (www.greenpath.com/bankruptcy) to help our clients meet this requirement.
“Just Settle It” Debt Negotiation Service
With our “Just Settle It” service you can potentially settle your debts for less than you owe, avoiding bankruptcy altogether.
·Clients receive the benefit of representation from Bare and Clough, P.C. This gives weight to your negotiations and encourages creditors to take you seriously.
·We offer face-to-face consultation so you’re never left in the dark about the state of your financial situation.
·Our fees are reasonable, so your financial situation does not deteriorate further.
·We have a track record of successful negotiations with creditors: we know what it takes to save you money so that you can get back on track.
Get the peace of mind you deserve! Bare and Clough is standing by to offer your no-cost, no-obligation consultation today! Just call 231-946-4901.