1629 K Street , N.W Suite 300 Washington, D.C 20006
(202) 600-7620
1629 K Street N.W. Suite 300
Washington, DC 20006
ph: 202-600-7670
fax: 202-800-7484
orlando
Bankruptcy laws help people who can no longer pay their creditors by geting a fresh start by liquidating their assets to pay their debts or by creating a debt repayment plan.
Bankruptcy cases cannot be filed in state court.
Bankruptcy is settled in Federal Court.
What is Bankruptcy?
Bankruptcy is a set of federal laws and rules that can help individuals and businesses who owe more debt than they can pay. In bankruptcy, the person, corporation or partnership that owes money is called the debtor. Bankruptcy permits the debtor to work out a plan to repay some or all of the debt, to liquidate assets, or to have some of the debt forgiven (“discharged”) in an effort to obtain a fresh start.
The bankruptcy laws provides the debtor protection and benefits not available outside of bankruptcy, such as requiring that creditors stop all collection efforts while the debtor is in bankruptcy, unless otherwise ordered by the Bankruptcy Court. In bankruptcy, a debtor must make full disclosure of all assets, liabilities and other financial information and must either (1) surrender non-exempt (protected) property for liquidation and distribution to creditors, or (2) formulate a plan providing creditors at least as much as they would receive if the assets were liquidated.
You should consider Chapter 7 if:
You should consider Chapter 13 if:
Important information
If the confirmation hearing is successful:
Your official discharge order will arrive from the court approximately 60 to 90 days after the hearing. This discharge will officially relieve you from your debts.
Copyright 2012 Law Offices of Leslie O. Perry. All rights reserved.
1629 K Street N.W. Suite 300
Washington, DC 20006
ph: 202-600-7670
fax: 202-800-7484
orlando