We know that considering bankruptcy can be frightening. The bankruptcy laws have been established to help give you a fresh financial start, and allow you to regain a normal life without the pressures of mounting bills. We encourage you to take time to learn more about bankruptcy through these links.
Certain basic concepts apply under both Chapter 7 and Chapter 13. Bankruptcy proceedings are commenced by filing a petition with the bankruptcy court. The petition lists all of your assets, liabilities and other financial and personal information required under the law. You cannot pick and choose which creditors to include on the petition, as all creditors must be listed. In most cases you can keep your home and vehicles.
Chapter 7 is commonly known as a “straight” or “liquidation” bankruptcy. Under Chapter 7 you are seeking to have your debts discharged, meaning that the legal obligation to re-pay creditors is canceled. You can pay all or some creditors after bankruptcy if you feel morally obligated, but cannot be legally required to repay. You can file Chapter 7 no more than once every 8 years.
Chapter 13 is sometimes known as the “wage earner” or repayment plan bankruptcy. You can think of Chapter 13 as a debt consolidation, where all debts are grouped together, and re-paid to creditors over a three to five year payment plan, supervised by the Chapter 13 trustee and the Bankruptcy Court. The main advantage of Chapter 13 is that you are allowed to keep non-exempt property. In Chapter 13, however, you are not completely discharging unsecured debt.
The Barry Sternberg Law Office will quote a reasonable flat fee for all services and costs after evaluation of your case. Payment plans are offered for those who need time to pay the fees. Our office lets you get started with a payment of $300. As part of the basic services covered under your legal fee, at the Barry Sternberg Law Office you will receive written materials on re-establishing credit, prompt filing of your petition, help arranging the credit counseling briefings, credit reports, and someone will always be available to promptly answer your questions or concerns. These are important considerations that should not be overlooked when deciding upon an experienced bankruptcy lawyer.
The Barry Sternberg Law Offices gives each client detailed information on how to improve credit scores after bankruptcy. The credit reporting bureaus report a bankruptcy filing for a period of seven to ten years, depending on the Chapter filed. Negative information such as delinquencies and charge-offs are reported for seven years. Judgments and other types of public records can be reported up to ten years
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Not all lawyers can handle bankruptcy cases competently. The bankruptcy laws are complex. You need a lawyer representing you who can navigate through the pitfalls and problems encountered by less experienced counsel. Barry Sternberg has over 25 years experience exclusively handling bankruptcy cases. He has filed thousands of bankruptcy cases for clients, and will personally represent you from start to finish. There is no reason to pay a higher fee to be represented by a less experienced lawyer.