With over 25 years of bankruptcy experience, and 10 years as a Bankruptcy Trustee for the Bankruptcy Court, The Wright Law Alliance, P.C. has the experience and expertise to help you and your family through any of these personal bankruptcy processes for the Bankruptcy Court. Call us to learn if bankruptcy is the right tool to get you back on track financially.
Chapter 7 Bankruptcy
Also known as “straight bankruptcy” or “liquidation”, Chapter 7 bankruptcy is the most common form of bankruptcy. Filing a Chapter 7 bankruptcy immediately stops creditor calls and collection attempts. It can also put a hold on foreclosure and repossession, giving you time to make other arrangements for yourself and your family. You can wipe out most, if not all, of your debts through the Chapter 7 discharge. Most Chapter 7 cases are finished in just a few months, allowing you to start rebuilding your credit as quickly as possible. We’d like to learn more about your situation which is why you can schedule a complimentary consultation with us. (Click here to begin)
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is a great option if you are behind on your house or car payments and want time to “catch up,” so you can keep the property. Chapter 13 may also be the best option if you do not qualify for a Chapter 7 case, or if you have a large amount of unprotected equity in your home that you may lose in a Chapter 7 case. Chapter 13 involves repayment of debt (some or all) through a court-approved payment plan for 3 to 5 years. A Chapter 13 repayment plan can lower your monthly debt payments and give you some much-needed breathing room. Chapter 13 allows you to discharge (wipe out) debt, while you keep the property you want to keep. I’m the right bankruptcy lawyer who can help, call me.
Chapter 11
Individuals may file a Chapter 11 case when they want the benefits of a Chapter 13 repayment plan, but their debt is too high for a Chapter 13 case. There are also other benefits to individuals filing a Chapter 11 case over a Chapter 13 case:
- Prepetition mortgage arrears too high to pay in five years
- Pay the value of a car (if less than the amount you owe) that was recently financed
- You recently received a Chapter 7 or Chapter 13 discharge
- More time to pay non-dischargeable debts, like payroll taxes
Let The Wright Law Alliance, P.C. help you get back on the road to financial success. To find out about your options, click “chat live” or contact us today or tell us about your situation below.
We a debt relief agency. We help people file for Bankruptcy relief under the Bankruptcy Code.
7 Tips to Get Back on Track When You’re Drowning in Debt
Feeling overwhelmed by bills? You're not alone. Many people face financial hardship, but there is hope. Here at Wright Law Alliance, we understand the stress and anxiety that comes with debt. We're here to help you navigate your options and find a path to financial relief. Here are 7 tips to get you back on track: 1. Don't Fly Blind: Understand Your Options Debt can feel like a dead end, but there are solutions! Don't assume bankruptcy is your only option. We can explain the different types of bankruptcy, such as Chapter 7 and 13. We can also explore alternatives like debt consolidation, where you combine multiple debts into one lower monthly payment. Additionally, we can help you negotiate with creditors to lower your interest rates or monthly payments. 2. Knowledge is Power: Don't Go It Alone The bankruptcy process involves a lot of paperwork and legal jargon. Trying to navigate it yourself can be a recipe for stress and mistakes. Our experienced attorneys can guide you through each step, answer your questions, and ensure everything is filed correctly. This will save you time, frustration, and potentially even money in the long run. 3. Protect What Matters Most Bankruptcy laws allow you to keep essential belongings under exemptions. This could include your car, your home, and some household items. We'll ensure you maximize what you get to keep under these exemptions so you can focus on rebuilding your financial security without worrying about losing your most important possessions. 4. Rebuild Your [...]
Your Essential Questions About Bankruptcy Answered
So, you’ve decided you need to file for bankruptcy. But it can be a bit daunting. With all the technical jargon and not to mention just the stress of handling the process, it must be challenging to get a foothold. That’s why we’ve put together a list of common questions you might have regarding the process to help you understand where you stand. Do I need credit counseling? Yes. Due to the 2005 Bankruptcy Act, all individuals need to receive credit counseling. It needs to be done from the government-recognized institution during the six months before you file for bankruptcy. You need to show you understand how to manage your finances in the future. How many sessions of credit counseling do I need? You will have two sessions of credit counseling: one before you file for bankruptcy and one before your debts are forgiven, as mandated by the federal government. How do I know which Chapter to file under? You can choose Chapter 7 or Chapter 13, depending on your situation. How you decide that is through the Means Test. This test decides which one you can file under. What is the Means Test? This test calculates your ability to pay back your accumulated debts. Your finances will be compared to the median income of the state. If your income is less than the median, then you qualify to file under Chapter 7. If your income goes higher, then you must file under Chapter 13. Is there a way I [...]
Signs You Should Talk To A Bankruptcy Lawyer
There are many reasons why you should hire a bankruptcy lawyer. But knowing when to reach out to one is the key. Here are some signs that you should watch out for: When you have soul-crushing debt We understand that sometimes you can get carried away. That sometimes, we end up having debt we can’t handle or pay back. We are not here to judge you. In these circumstances, it is best to call a bankruptcy lawyer. There are a myriad of other problems caused by debt. The anxiety and stress can wreak havoc on your life and mental well-being. Your physical health can also be affected. The first thing to understand is that there are solutions to your problems and not get buried under the weight of your issues. Breathe and call a bankruptcy lawyer. You can end this cycle to create a better life. You are about to lose your precious house If you have missed so many payments and are too late in paying back your bills, your house will be taken by the bank. If this happens to you, do not panic. Instead, call a bankruptcy lawyer to help you navigate the best option for you. Late fees or overdraft You would think that paying back would reduce your debt. This might be true in some cases. But in the case of late fees or overdraft, you are essentially building up your mountain of debt through fees. You then have to pay more for the next [...]
Tips On How To Manage Foreclosure In Georgia
Realizing you are facing foreclosure can leave you paralyzed with fear. Where will you move to? How will you ever recover from this? It can be one of the scariest things you face as a homeowner. In fact, just the possibility of it might already have you looking for a way to save your home before you’re actually facing it. This is where bankruptcy comes in. Chapter 7 is designed to provide people with a way to get out from under their debt. But chapter 13 is designed to provide a pathway for you to keep your property by offering you a repayment plan. It is important to understand that bankruptcy isn’t a quick fix. It is a legal process, requirements must be met, and there are post-bankruptcy consequences. What is Foreclosure? Foreclosure happens when a homeowner falls behind on their mortgage payments. Ultimately – after following the legal process – the lender is then able to sell the home at auction. Thankfully, this isn’t a process that happens overnight. It typically begins after several payments are missed. But in the midst of the COVID-19 pandemic, many people are finding themselves unable to make their payments – putting them in this situation. How Can Bankruptcy Help Me? Most people’s desire is to stay in their homes for the foreseeable or even indefinite future. And with many people working from home during the COVID-19 pandemic, maintain your current residence is likely even more important. Filing Chapter 13 bankruptcy will allow you to [...]
