CONSUMER BANKRUPTCY

Packey Law Corporation provides free initial consultations with Clients to determine if bankruptcy is right for them.  There are several different types of bankruptcy, however the most common are Chapter 7 and Chapter 13.

Chapter 7 Bankruptcy 

This type of bankruptcy is essentially a liquidation of all non-exempt property.  Upon filing a stay from collections is immediately in effect.  This means that your creditors should stop calling you.  Secured debt as well as unsecured debts, like credit card debt and hospital bills can be discharged in a Chapter 7 bankruptcy.  A Chapter 7 bankruptcy generally takes about 90 days after filing to complete.  

Chapter 13 Bankruptcy

This type of bankruptcy is a repayment plan lasting between 3 and 5 years.  Like the Chapter 7 upon filing a stay from collections is immediately in effect.  Here a consumer essentially tells the court that they can not afford to pay their debts in full and this is what they intend to do about it. If you are late on your house payments this is probably the bankruptcy for you. 

In order to file bankruptcy you must qualify:

• There are time limitations on how often you can file bankruptcy;
• There are income limitations that will effect the type bankruptcy;
• There are debt limits that will effect the type of bankruptcy;
• Where you live will determire the location of your bankruptcy.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.