Bankruptcy 101: Chapter 7 and 13 What's the Difference? How does it work? What are my options?

Filing for Bankruptcy is NOT the end of the world - it is a new beginning. BIg Business and Corporate America write off bad debt every day. Or they get the government to bail them out. Now it's your turn to just WALK AWAY from bad debts. Fast. Easy. Affordable. GET OUT OF DEBT TODAY. Ask us how.

STEP ONE: Income and Asset Eligibility Issues: How much do you make and what "assets" do you own?

Bankruptcy relief depends on your (1) income; (2) household size; and (3) equitable assets. YOU NEED: last two (2) years of Federal tax documents (1040, 1040EZ, etc.) and your last six (6) months paystubs. That's it! With this information, we can determine if you are a Chapter 7 or 13 Bankruptcy. You keep your house, cars, paycheck, etc. STOP PAYING MONTHLY MINIMUMS ON CREDIT CARD OR MEDICAL OR PERSONAL DEBTS THAT YOU WILL NEVER PAY OFF!!! Get out of debt today. Its fast, easy and affordable.

STEP TWO: MEANS TEST and ASSET eligibility guidelines

Trust only a trained professional. We can determine IF you qualify for Chapter 7 or Chapter 13 Bankruptcy relief. Chapter 7 allows you to simply WALK AWAY from your bad, unsecured consumer debts. Depending on how much EQUITY you have in your house, cars and other personal property, MOST PEOPLE qualify to KEEP ALL THEIR STUFF and simply write off their credit cards, personal loans, medical bills, etc. Chapter 13 is a "structured re-payment program" that allows you to pay PENNIES ON THE DOLLAR to payoff all your debts. The payments are based upon your DISPOSABLE INCOME determined by your lawyer and the Chapter 13 Bankruptcy Trustee. Most people qualify to only payback their unsecured consumer debts at a fraction of the amount owed!!! NO INTEREST. NO PENALTIES. NO FINANCE CHARGES. Its easy, fast and affordable. STOP STRUGGLING WITH YOUR BILLS. GET OUT OF DEBT TODAY.

Additional Resources

For more information, go to our website at www.medinalegaleagle.com

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Comments - add comment

Andrew Korduba

Avvo Rating: 6.3 (Good)

Posted 4 months ago.

Lawyer's Comment: Many people ask, "Will my credit score be affected by filing for Bankruptcy" or "Will I have bad credit for seven years, right?" The answer is, if you are in financial trouble, enough to require you to consider and/or file for Bankruptcy relief, your credit score is ALREADY in trouble and filing for Bankruptcy probably won't hurt your score all that much anyway. In fact, most people will see a significant INCREASE in their credit score about 12-24-36 months after filing and getting a Bankruptcy discharge of all debts. The reason for this is because your income-to-debt ratio changes drastically after you file Bankrupcy and discharge all your bad debt. This in turn RAISES your credit score because now your income is not eaten up by your debts. Moreover, if you keep your house/mortgage payment, a car loan/lease or other "secured" installment payment, paying those remaining bills timely and staying ahead will also help your credit score recover after filing for Bankruptcy. I have a client that purchased a $450,000 custom-built log cabin home 36 months after filing for Bankruptcy and discharging her bad debts. She had lost alot of money and property in a nasty divorce and was starting over. A few years later, she had saved enough money to buy the home of her dreams. BETTER YET, with her new-found financial education, she learned how to SAVE enough money to put a HUGE downpayment (almost 50%) on her dream home and was able to get a loan and finance the unpaid balance!!! This is BANKRUPTCY WORKING FOR YOU - NOT THE CREDIT CARD COMPANIES! An honest-to-goodness true story.