James M Nugent

Chap. 7 is the fastest and least expensive option to discharge your debt and to retain your exempt assets. Assets with no equity can be retained and debts eliminated. You will stop wage garnishments and creditor harassement and clean the slate of all dischargeable debts. Most individuals file for Chap. 7 protection and are able to keep their assets. An income test does apply and must be reviewed to determine if your annual income is below permitted limits to file this Chapter.

Chap. 11 can assist in preserving your business. You remain in possession of your assets and in control while you reorganize. I have represented manufacturing companies, real estate developers, lawyers, doctors and dentists reorganize their businesses. Individuals may also utilize Chap. 11 if they have large debts and complicated financial matters. Every case will be reviewed for its own unique circumstances to determine what the best option is. Loans may be restructured and assets recovered

Chap. 13 allows you to stop a mortgage foreclosure and retain your home. You are allowed up to 60 months to repay your secured debt and a percentage of your unsecured debts as long as you have some type of regular income. Nondischargeable debts such as taxes can be repaid over 60 months at lower rates . In some cases, liens on property can be stripped off and repaid at greatly reduced percentages. Cases must be filed before the foreclosure is completed in order to save them so delay is risky.