Many people mistakenly believe that under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, they can no longer go bankrupt.  The reality is that the vast majority of people who contemplate bankruptcy can still go bankrupt with almost all the same rights they would have enjoyed prior to the BAPCPA.

Types of Bankruptcies

There are two primary consumer bankruptcies available: Chapter 7 and Chapter 13.  Chapter 7 bankruptcies are generally best for people who have primarily credit card, medical, or other unsecured debts (i.e., not mortgages or liens).  Chapter 7 bankruptcies may not be available to some people who have above average incomes, however.

Chapter 13 bankruptcies are generally best for people whose homes are in foreclosure and who wish to repay the arrearage (the back due amount) or who make more than the median income.

Misconceptions: Many people mistakenly believe that if they go bankrupt everything they own will be sold and they will lose their homes and their cars.  Usually, this is not the case.  If you are being hounded by creditors or you are taking cash advances to make credit card payments, or can only afford to make minimum credit card payments, please consider calling us to schedule a consultation to see if bankruptcy might be the best option for you.

Let our family protect yours.

Links

Bankruptcy Basics

http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics.aspx

An Overview of Bankruptcy by Cornell University Law School

http://topics.law.cornell.edu/wex/bankruptcy

List of Approved Credit Counselors

http://www.justice.gov/ust/eo/bapcpa/ccde/cc_approved.htm

What are my Rights under the Fair Debt Collection Practice Act?

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre27.pdf