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Understanding Bankruptcy

There are many misconceptions about Bankruptcy and the process.

This first thing you should know is every situation is unique. There are many reasons why someone may find themselves financially distressed today, and therefore a number of reasons to consider bankruptcy as a viable solution to those challenges associated with financial hardship. We always encourage someone to call to call and speak with one of our attorneys in confidence about their specific questions and concerns, but wanted to provide some preliminary information here.

You should consider bankruptcy if:

  1. Your wages are being garnished
  2. Your home is in foreclosure
  3. Your car is being repossessed.
  4. You are borrowing from a credit card to pay on another bill
  5. You are setting payday loans from Cash Store, CitiFinancial®, Check’n’Go, Loan Max, etc.
  6. You cannot pay for food, medication or gas because you

Click Here for More on the Top 10 Reasons Others File for Bankruptcy

You should also know that there are a number of different types or levels of bankruptcy. Each providing a different level of protection. Here are a couple of the most commonly used.

Chapter 7 bankruptcy is the most common type of bankruptcy.
It can wipe out your credit cards, medical bills, payday lenders, dental bills, cell phone charges, repossession and foreclosure deficiencies, and other unsecured debts. Your property, such as your home, car(s), clothing, furniture, life insurance, and other assets are protected by exemption laws. In many cases, you will not face the loss of any property. Your attorney will advise you of this during case analysis. Chapter 7 will take about 90 days from the date of filing to discharge.


Chapter 13 bankruptcy is a reorganization of debts through a 3 to 5 year payment plan.
Filing a chapter 13 will stop foreclosure and allow you up to 5 years to catch up on missed mortgage payments while resuming regular mortgage payments. Filing can also stop car repossession and allow you more time to pay for your vehicle. If your home is appraised for less than the balance of your first mortgage we may be able to get rid of your 2nd mortgage through Chapter 13. Lastly, Chapter 13 is available for those who may not qualify for Chapter 7 due to income or time since last filing.