STOP FORECLOSURE, STOP GARNISHMENT, AND STOP THE HARASSMENT.
GET THE FRESH START YOU NEED, WITH AN ATTORNEY YOU CAN TRUST.
If you or your family is struggling financially, a bankruptcy attorney can help you weigh all of your options and make an informed choice on how to get your finances and your life back on track. Here at Braunstein Law, PC, our experienced bankruptcy attorney, Jacob D. Braunstein, has helped countless clients resolve their debt problems and financial difficulties. We will provide you with experienced, honest and realistic guidance from a skilled bankruptcy attorney you can trust to help you shape your financial future for the better.
We understand that life is often unpredictable and, sometimes, events take place that require the informed advice and representation of an experienced attorney. Our attorney understands the complexities of bankruptcy law, and knows that bankruptcy may not be the most suitable option for every person or family. After all, the decision to file a bankruptcy is not an easy one to make. In 2005, Congress decided to rework the bankruptcy laws imposing stricter requirements on eligibility and generally requiring extra work from you and your attorney. So is filing still worth it even with the extra paperwork and costs?ï»¿
In many cases, yes, especially in times like these where minimum credit card payments are going up, and the interest rates on those cards continues to rise. Filing for bankruptcy does a number of things, but one of the main things it does is to help you and other honest, hard-working individuals and families get rid of burdensome debts and to get debt collectors under control. Filing for bankruptcy can also do the following:
Stop the harassing phone calls
Prevent utility shut-offs
Allow you to pay off overdue child support
Reduce unhealthy levels of stress
Chapter 7 Bankruptcy is sometimes referred to as "liquidation" or "straight liquidation" bankruptcy. It allows you to get rid of your unsecured debts, such as credit cards, medical bills, personal loans, payday loans, auto loan deficiencies, etc., and get a fresh start. In return for for discharging (i.e., wiping out) your unsecured debts, the Bankruptcy Court has the right to sell any property you own that is non-exempt under the law. The Court does this by appointing a Trustee to take possession of whatever assets you own that are non-exempt, sell those assets and then use the money to pay off as much of your unsecured debts as possible. After that money has been distributed to the unsecured creditors, who typically receive only pennies on the dollar, the remainder of your unsecured debts are discharged and your personal obligation to pay them in the future is gone.
Chapter 13 Bankruptcy, which is sometimes referred to as a "repayment" bankruptcy, allows you to pay back some or all of your debts over time. As with a Chapter 7, you are required to list all of your assets and all of your debts. But unlike in a Chapter 7, you typically do not have to worry about a liquidation of your non-exempt assets. Instead of selling your property to pay your debts, the Court accepts monthly payments from you for a period of 3 to 5 years (the bankruptcy plan period). These monthly payments are then used to pay your debts. One of the primary reasons you may choose to file a Chapter 13 bankruptcy is to stop a pending foreclosure and get caught up on mortgage payments. This allows you to keep your home in a Chapter 13, so long as you keep your payments current after filing the bankruptcy. Another primary benefit of a Chapter 13 is that the majority of your attorney's fees are paid through the monthly payments you make to the Trustee.