A financial crisis only adds to the stress of normal everyday life. The last thing you need during a rough financial period is to struggle through filing bankruptcy on your own. The attorneys at Prime Bankruptcy are experts in bankruptcy law and they know all the tricks to help you discharge your debt and start fresh. When filing for bankruptcy, there are a few different options to consider. Depending on your individual work situation and the amount of debt you owe, you will either qualify for Chapter 7 or Chapter 13 bankruptcy. An attorney from our legal firm will walk through the entire process with you and make sure you understand what to expect. Once they determine which chapter of bankruptcy you should apply for, they will help you complete each step with ease.

Chapter 7 Bankruptcy

If you qualify for Chapter 7 bankruptcy the majority of your consumer debt will be automatically discharged. This form of bankruptcy is often referred to as “liquidation bankruptcy” because the debt is taken off the consumers hands after a period of about 3 – 4 months. Chapter 7 bankruptcy is often the first option our clients consider because it gives you the opportunity to wipe the slate clean and begin a new financial journey. The advantage to Chapter 7 bankruptcy includes:

• Wipes out consumer debt
• Immediate halt of utility shut-offs and wage garnishment
• Puts a stop to home foreclosure actions
• Elimination of certain IRS debt
• Discharge of medical bills
• Puts a stop to creditor calls and messages
• A halt on pending lawsuits
• Stops license suspensions
• Stops garnishments and wage assignments

Are you Eligible for Chapter 7 or Chapter 13 Bankruptcy?

Not everyone qualifies for Chapter 7, but even if you don’t, it doesn’t mean you’re out of luck. You may not qualify for Chapter 7 if you have too many assets, make too much money or you may simply choose to file for Chapter 13 so you can pay off more of the debt you owe. You may be considered for Chapter 13 if you earn a steady paycheck, whether through a job, or running your own business. If you want to find out how you can keep more of your assets and pay debt over a period of 3-5 years, contact our firm today.