Facing Financial Challenges?
Our Bankruptcy team has more than a decade of experience assisting individuals and families to start over with debt relief. Our team will evaluate your current financial situation, and perform a credit/debt analysis to assess what your best options are.
The primary purpose of bankruptcy is to give honest debtors a “fresh start” financially by allowing them to keep their exempt assets and discharge their qualifying debts.
| Debts discharged are: | Debts not discharged are: |
|
|
|
|
|
|
|
|
|
|
| |
|
Bankruptcy FAQ's
- Pros of filing for a Chapter 7
- Automatically stops collection activity
- Stops utility disconnection, if the company is named as a Creditor
- Stops garnishment of your wages
- Can stop creditor harassment.
- Cons of filing for a Chapter 7
- Can affect your credit score
- Will be on your credit report for up to 10 years from the date of filing.
- Do I need to be a U.S. Citizen to file for Chapter 7?No. Regardless of your citizenship status, you will be able to apply for debt relief. However, the United States Bankruptcy Court does require proper documentation such as social security numbers or tax identification numbers to be included in the filing.
- What are some changes in bankruptcy laws?As per the Bankruptcy Abuse and Consumer Protection Act of 2005 (BAPCPA), for consumers who file a Chapter 7, a “means test” must be completed and two required Credit Counseling Courses.
Means Test
The test used to qualify for Chapter 7 relief is called the “means test“. The bankruptcy means test is a formula that determines if a debtor is eligible for Chapter 7 bankruptcy. The test assesses a debtor’s ability to repay their debts and avoid abusing the bankruptcy system.
Who is Exempt?
- disabled veterans who incurred their debt primarily during active duty or performing a homeland defense activity
- if your debts are not primarily consumer debts
Financial Assistance
We understand sometimes we face hardships that are out of our control. We are here to help. Submit a financial assistance application to qualify for reduced fees. Terms & conditions apply.
DISCLAIMER: Paralegals FTC, Inc., is a non profit, tax exempt organization under section 501(c)3. We are a Paralegal firm and not Attorneys or a Law Firm. We cannot provide representation or give legal advice. Our firm provides non-attorney legal services to the community, law firms and other agencies.
