BANKRUPTCY
Bankruptcy
We will assess your financial situation and help you consider all options for debt relief. If a bankruptcy is right for you, we will guide you through the process to protect your assets and discharge your debts to the full extent of the law. If a bankruptcy is not right for you, we will discuss other available paths.
Bankruptcy can be a valuable tool, but it is critical to have a guide who knows the law and gets you all the relief to which you are entitled. Tom Lester and staff have decades of experience navigating the bankruptcy court system. We have a superb reputation with the bankruptcy trustees and the court. We will make sure your bankruptcy gets done right.
Chapter 7 & Chapter 13 Bankruptcies
Most individuals use one of these two chapters to file bankruptcy. The goal of both types of bankruptcy is the same -- to protect your assets and to discharge your debts.
To qualify for a Chapter 7 bankruptcy, an individual must past the Means Test. This test looks at your income for the six months immediately before you file and compares your monthly average to the median income for families of the same size in your area. There are a number of twists and turns in this process and successful navigation requires counsel capable of understanding the process.
If you do not meet the Means Test, or you have a prior Chapter 7 filing (within 8 years) or Chapter 13 filing (within 4 years) you may not file a Chapter 7.
If you do not qualify for a Chapter 7, you may be able to file a Chapter 13. To qualify for a Chapter 13 you must have less than $360,475.00 in unsecured debt and less than $1,441,875.00 in total debt. We will explain your options and help you decide which path will best meet your goals.
You can normally keep your house and car in both Chapter 7 and Chapter 13 if you continue to make regular payments on those loans. If you are behind on payments, we can help you develop a plan to bring those payments current.
There are many things to consider when filing either Chapter 7 or Chapter 13. We are here to help you decide which option is best for you.