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What is Bankruptcy?

May 8, 2015

Some people have no idea what bankruptcy really means and have many questions, and not enough answers. Well, the office of Jeffrey Randa can make it quite simple for you. Bankruptcy is a way to get rid of some, or all, of your unwanted debt which you are no longer able to pay back. However, there are several different types of bankruptcy and depending on which chapter you file determines whether all or part of the debt would be forgiven. The most common Chapters of bankruptcy are Chapter 7, Chapter 11, Chapter 12, and Chapter 13. Your attorney will ask a few questions and determine which chapter you are most likely able to file.

Chapter 7, is the most common chapter of bankruptcy consumers file. It is also the only Chapter of bankruptcy practiced at the law office of Jeffrey J. Randa. We like to keep it simple and Chapter 7 most often is a simple process.

It is the process of liquidation of assets. Chapter 7 provides for the discharge of debt and liquidates any non-exempt property. While most consumers who file for Chapter 7 have very little assets that aren’t worth any real value, your experienced Attorney Randa will help you value your assets and do everything to protect them. In most cases, filing under Chapter 7, the bankruptcy Trustee will have nothing of any real value to liquidate to repay your creditors. You will be relieved of your debt and be able to keep your property, giving you breathing room to focus on your everyday living expenses.

Chapter 13, affords the debtor to reorganize their monthly expenses by coming up with a repayment plan that addresses their financial ability to pay. People who do not qualify for Chapter 7, either because their income is too high or they have disposable income left over at the end of the month, may need to file for Chapter 13. The court reviews the disposable income and makes a determination of how much income is available to repay the debt. Once the court approves of the repayment plan the funds collected are used to repay all or part of the debt to the creditors.

 Chapter 11, is for designed for large businesses, while Chapter 12 is for farmers or fishermen. These chapters help businesses to reorganize and/or liquidate their debt so they can continue maintaining their business.Debt relief

Jeffrey J. Randa specializes in Chapter 7 bankruptcy, with over 20 years of experience.

Thousands of people file for bankruptcy every year. You may have a million questions and just have no idea how it works, but you shouldn’t be afraid to ask. In the year 2014 alone, a total of 936,795 people and/or businesses filed for bankruptcy. Filing for Bankruptcy is to help you come out in better financial shape then before you filed. You should not be afraid to at least pick up the phone and inquire if bankruptcy is right for you. The friendly and experienced staff of Jeffrey Randa will help you determine whether you should file and whether you would qualify for the most common Chapter of bankruptcy, Chapter 7.

Filing for bankruptcy is a good way to get a financially fresh start by eliminating the debt that you are unable to pay, and allows you the opportunity to start the process of rebuilding your credit right away.

Bankruptcy News & Resources - Learn about updates and resources from Macomb County Bankruptcy Law Firm

The Rise in Wage Garnishment Actions

When you fall behind on a debt, your lender can use a variety of legal tools to try to get you to pay. One of the most damaging steps your lender can take, however, is wage garnishment. Wage garnishment can deprive you of money you need to pay your bills and care for your family…. View Article

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What Type of Bankruptcy Should You File?

Once you’ve made that big decision that bankruptcy is the right financial choice for you, you have to decide on something else. Which type of bankruptcy should you file? What chapter is the best chapter for you? The two most common chapters of bankruptcy are Chapter 7 and Chapter 13, but how do you know… View Article

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New Bill Would Help Consumers Get Debts Removed From Credit Reports After Bankruptcy

Filing for bankruptcy protection means the bulk of debts are discharged. With the help of a Utica bankruptcy attorney, you may be able to file Chapter 7 bankruptcy and be absolved of your responsibility to pay back money owed. After a debt is discharged in bankruptcy, creditors are no longer legally able to make any… View Article

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