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Bankruptcy 101

Chapter 7

The purpose of a Chapter 7 bankruptcy is to give you a fresh start by wiping out most or all of your unsecured debt, such as credit card payments and medical bills. Contrary to common misunderstanding, you may be allowed to keep all of your possessions. At Gooding Law Firm, can explain your options and guide you in filing Chapter 7 bankruptcy.

Chapter 7 bankruptcy is...

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Chapter 13

When you file Chapter 13 bankruptcy, you agree on a plan to catch up on delinquent payments and repay your creditors over time. Chapter 13 provides a way to prevent foreclosure on your home or repossession of your car or other collateral. An experienced bankruptcy lawyer can help you determine if filing Chapter 13 bankruptcy is the right choice for you.

Why...

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Chapter 11

A Chapter 11 filing is usually done by a business looking for debt relief. Below you’ll find information regarding how a Chapter 11 bankruptcy case gets started, how it progresses through the hearings and documentation-heavy phases, how a disposition is reached and ultimately how you should proceed if your business needs to find a way out from under mounting financial pressure...

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Foreclosure

Foreclosure is the legal process by which a lender forces the sale of real property in order to be repaid the money it has loaned the buyer of the real property.

The process of foreclosure is regulated by state law and therefore the procedural aspects of foreclosure will vary from state-to-state. Some states require “judicial foreclosure” while other states allow “non-judicial...

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Taxes

You may hear commercials offering the hope of eliminating income tax debts in bankruptcy. But it’s not as simple as it sounds.

For example, if the income taxes you owe are for one of the last three tax years, then they can’t be wiped out (discharged) in bankruptcy — you’ll continue to owe them at the end of a Chapter 7 bankruptcy case, or you’ll have to repay them in full in a Chapter...

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Medical Bills

In 2005, the federal government enacted new bankruptcy laws making it more difficult for individuals to qualify for a Chapter 7 liquidation proceeding. The petitioner must be able to pass the Chapter 7 “means test” before they can be eligible. Their income over the past six months must be below the average median income for their family size in the state where they file. If they are approved...

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Repossession

Are you threatened with repossession?

When you buy or lease an item on credit, you are obligated to make consistent payments for that item. If you fail to meet these payments, a creditor can seek legal action to repossess the item. Repossessions often happen with cars and other motor vehicles, but any item can be repossessed if payments are not made. Repossessions...

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