Bankruptcy and Debt Relief
Notice and Disclaimer:
Bankruptcy is governed by a large body of complicated federal rules, regulations and procedure which must be strictly followed and complied with. The rules and regulations set out various criteria for eligibility and procedure for bankruptcy relief. They also provide stiff penalties and consequences for misuse or abuse of the bankruptcy laws and privilege. The discussions contained in this website and in any related material are only intended as a brief overview of what bankruptcy is about, the available types of bankruptcy, and what a bankruptcy can and cannot do. If you are considering filing for bankruptcy, it is very important that you call (877) 472-6013, (916) 972-8774, or (916) 972-8779, and speak today with an attorney at Ihejirika Law Corporation for bankruptcy advice and assistance in your case. An attorney at Ihejirika & Associates, P.C will analyze your eligibility for different forms of debt relief available under the Bankruptcy Code and will determine which form of bankruptcy relief is likely to be most beneficial for you.
Ihejirika Law Corporation is designated as a Federal Debt Relief Agency by an Act of Congress and the President of the United States; and proudly assists consumers seeking relief under the U.S. Bankruptcy Code.
General Bankruptcy Information
Bankruptcy is an important alternative through which persons who are stuck deep in financial difficulty can solve their debt problems. Federal law provides bankruptcy as a method by which individuals who are burdened by too much debt, can obtain a fresh financial start and pursue productive lives, and avoid the weight of past financial problems that can permanently discourage people from ever reestablishing themselves as productive members of society. Why wait? Call for a Free Consultation. Speak With An Attorney immediately. Call (877) 472-6013, (916) 972-8774, or (916) 972-8779.
Through bankruptcy, financially distressed individuals can discharge liability for most or all of their debts and get a fresh start; stop foreclosure actions on their home and allow them an opportunity to catch up on missed payments; prevent repossession, or force the creditor to return repossessed property; stop wage garnishment and other debt collection harassment; restore or prevent termination of utility service; lower monthly payments on secured debts such as car loans; challenge the claims of creditors; etc. At the successful conclusion of the case the individual debtor is granted a discharge of their dischargeable debts, without having to pay them back. A discharge means that the debtor is freed from the legal obligation to pay unsecured debts such as credit card debts, medical bills and utility arrearages. However, secured creditors still have the right to repossess the collateral if the secured debt is not paid. Bankruptcy cannot cure every financial problem. Bankruptcy does not discharge debts that are incurred after bankruptcy is filed. It is usually not possible to eliminate certain rights of secured creditors, although a secured creditor may be forced s to take payments over time in the bankruptcy process. Bankruptcy does not discharge certain types of debts such as child support, alimony, certain court ordered payments, criminal fines, and some taxes and student loans. Bankruptcy does not protect family members and friends who co-signed a loan which the debtor discharged in bankruptcy. The cosigner may still be obligated to repay the loan.
The types of bankruptcy that usually apply to consumer debtors (single and married individuals) are Chapter 7 bankruptcy, also known as a liquidation bankruptcy; Chapter 13 bankruptcy, or an Adjustment of the Debts of an Individual with Regular Income; and Chapter 11 bankruptcy, also known as reorganization bankruptcy.
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Common Bankruptcy Chapters
Chapter 7 Bankruptcy
In chapter 7 bankruptcy cases, a court-appointed Chapter 7 trustee examines income and means. The trustee also examines and divides the debtor's assets into two categories: exempt property (which the trustee and creditors are not allowed to take), and nonexempt property (which the trustee and creditors are allowed to take). The bankruptcy trustee sells and distributes the proceeds of the nonexempt property (if any) among the unsecured creditors. The vast majority of individual Chapter 7 cases are “no-asset” cases (i.e. the debtors keep all their property) because the debtor’s assets are all exempt property. At the conclusion of the case the debtor is granted a discharge of their dischargeable debts, without having to pay any of them back. Chapter 7 bankruptcy cannot discharge certain types of unsecured debts such as alimony, child support, criminal fines, and some taxes and student loans.
Don’t procrastinate. Call (877) 472-6013, (916) 972-8774, or (916) 972-8779, and speak today with an attorney at Ihejirika Law Corporation . Don’t delay. Call now. Why wait? Call for a Free Consultation. Speak With An Attorney immediately.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy involves a payment plan through which the creditors can be paid some or all of the debt over a period of time, typically using future income of the debtor. A chapter 13 case is advantageous to debtors who want to stave off the foreclosure or repossession of their home, cars or other property and be allowed up to 3-5 years within which to get caught up on the arrears that they owe on their mortgages, car loans or other secured debts. Chapter 13 debtors typically get to keep all their property including exempt and nonexempt property. The debtor's property is protected from seizure from creditors, including mortgage and other lien holders, as long as the proposed payments are made. The payment plan generally requires monthly payments to a court-appointed Chapter 13 trustee over a period of three to five years. At the conclusion of the case when all the monthly payments in the confirmed Chapter 13 plan have been made, the debtor is granted a discharge of the remaining unsecured debts.
Don’t procrastinate. Call (877) 472-6013, (916) 972-8774, or (916) 972-8779, and speak today with an attorney at Ihejirika Law Corporation. Don’t delay. Call now. Why wait? Call for a Free Consultation. Speak With An Attorney immediately.
Chapter 11 Bankruptcy
Although in some instances individuals may be allowed to file for Chapter 11 bankruptcy, Chapter 11 bankruptcy is typically used to reorganize a business such as a corporation, sole proprietorship, or partnership. When a Chapter 11 bankruptcy is filed, the debtor automatically assumes the identity of a “debtor in possession”, which means that the debtor that keeps possession and control of its assets and business operations while undergoing a reorganization under the Chapter 11 plan, without the appointment of a bankruptcy case trustee. In Chapter 11 bankruptcy cases our office helps the debtor in possession to prepare and file a written disclosure statement and a plan of reorganization. Our office also assists the debtor in possession solicit approval of the plan by those creditors with the right to vote to accept or reject the plan; and with the court hearings to approve the disclosure statement and the plan. Don’t procrastinate. Call (877) 472-6013, (916) 972-8774, or (916) 972-8779, and speak today with an attorney at Ihejirika Law Corporation. Don’t delay. Call now. Why wait? Call for a Free Consultation. Speak With An Attorney immediately.