WHAT DO YOU HAVE IN COMMON WITH WALL STREET, BIG BUSINESS OR BIG BANKS? YOU ALL CAN GET A BAILOUT, YOURS IS CALLED A CHAPTER SEVEN BANKRUPTCY.
People , individual and small business owners, have a right to several types of Bankruptcy Chapters to pick from. Just like Wall Street, Big Business and Big Banks they are a personal type of Bail out.
Information by Flint Bankruptcy Lawyer Terry Bankert 810-235-1970 or email Bankruptcy Attorney at email@example.com
Most common in use by the individual or couples is a Chapter Seven Bankruptcy.This is commonly referred to as a full liquidation chapter. In Chapter 7 you must fully disclose your income, property and debts. The law requires that you disclose all of your financial activities over the last several years. Afer your case is filed you will go to a meeting with a bankruptcy trustee and your creditors may attend. If all goes well and it most ofter does you will receive your bankruptcy discharge 3 months later.
At the end you will receive a discharge or elimination of your listed debt. Most people get to keep all of their possessions. The most common exceptions are luxury items and investment real estate.
A chapter eleven helps business to stay afloat. A chapter 12 is a reorganization for farmers.
A chapter thirteen is a reorganization plan to help you pay in full certain debt and discharge the remainder. It involves a 3 or 5 yr payment plan.
I will focus my information on chapter seven. Nationally 10% of the people who file under chapter 7 will be found to have too high of an income. and will have to file a chapter 13.
There is a credit counseling requirement . It is two onilne classes. One before you file and another after you file. They cost about $60.00 dollars. Your filing fee is $306.00 a credit report is $45 and the attorney fees range from $1,000.00 to $1,500.00. My firm charges $1,000.00.
After your petition for bankruptcy is filed your creditor must stop harrassing you. You creditors will be violating Federal Law if they attempt to collect a debt while you have an open bankruptcy petition.
This powerful shield is called an automatic stay.If your creditor contacts you after a bankruptcy filing just give them your filing number.
There are exceptions to the automatic stay . They are collection of child support, spousal support (alimony) and certain enforcement actions by the IRS. Generally you will get 100% relief.