OUR THREE-STEP BANKRUPTCY PROCESS
OUR THREE-STEP BANKRUPTCY PROCESS
OUR THREE-STEP BANKRUPTCY PROCESS
At Law Offices of Trang Do, we strive to make bankruptcy simple and manageable for every client. You are already facing enough stress – let us handle the legal legwork and remove that burden from your shoulders.
Our simple three-step process includes:
- Step one: Meet with an attorney at our firm. Your initial consultation is completely free of charge. In many cases, even just five minutes is enough time for us to gather the information we need to determine if bankruptcy is right for you.
- Step two: Let us prepare and file your case. All you have to do is provide us with the documents and information we need to effectively file your case with the U.S. Bankruptcy Court.
- Step three: Enjoy financial peace of mind. Once your case has been filed, we’ll do all the work to make sure it is successful. Once your bankruptcy has been approved and finalized, you can immediately start enjoying greater peace of mind about your finances.
What Is Chapter 7 Bankruptcy?
OUR THREE-STEP BANKRUPTCY PROCESS
OUR THREE-STEP BANKRUPTCY PROCESS
Sometimes called a “fresh start” bankruptcy, a “clean slate” bankruptcy or a “liquidation,” Chapter 7 bankruptcy is the best way to take control of your financial situation and start over by eliminating your debts.
In Chapter 7 you will wipe out your credit card debts, medical bills, pay day loans, lawsuits, judgments, unpaid balances on repossessions or foreclosures, personal loans, guarantees and more. Your Chapter 7 case will be finished in just 3 to 4 months. A Bankruptcy Trustee reviews your paperwork at a “meeting of creditors” that you attend with your bankruptcy lawyer. Most people complete their cases quickly and the get to keep all of their property.
In order to begin the Chapter 7 bankruptcy process, you must complete a bankruptcy petition and several bankruptcy schedules that outline your financial situation. These schedules must disclose financial records that show all your current income, assets, debts, and other liabilities. Immediately upon filing your case with the court, the court will issue an automatic "stay" which stops all of your creditors or collection agencies from contacting you any further. The creditors are prohibited from even attempting to collect a debt once your case has been filed. Often times, this is a huge relief for debtors because they have been under intense pressure and harassment from their creditors.
Creditor harassment can come in many forms, and you may have creditors calling your phone at all hours of the day or visiting your workplace. We understand the intense pressure and constant stress that comes with falling behind on your bills, and we are here to help you today. Ending the collection calls and creditor harassment is just the first of many reliefs that Chapter 7 bankruptcy protection will bring you.
What Is Chapter 13 Bankruptcy?
OUR THREE-STEP BANKRUPTCY PROCESS
What Is Chapter 13 Bankruptcy?
Chapter 13 is ideal for people who want to save their home from foreclosure, lower a car payment, consolidate debts or save other valuable assets when Chapter 7 won’t allow them to accomplish their financial goals.
You may not be sure whether you need a Chapter 13 bankruptcy attorney or a lawyer that will handle your Chapter 7 case. That’s okay because at the Law Offices of Trang Do, we are experts at handling both types of cases for people that need debt relief. While a Chapter 7 case is usually resolved and completed within a few months, Chapter 13 is designed for people that need to propose a longer term “Plan” to save their property or pay back debts over time—usually 3 to 5 years.
Often referred to as a “reorganization” or a “wage earner plan”, a Chapter 13 case allows a debtor to resolve many types of financial problems. For example, Chapter 13 is ideal for people who want to save their home from foreclosure, lower a car payment, consolidate debts or save other valuable assets when Chapter 7 won’t allow them to accomplish their financial goals. Chapter 13 is also used by people that don’t qualify for Chapter 7 because of the “Means Test” (their income is too high).
Sometimes Chapter 13 is used by people that have assets that are “non-exempt” (can’t be protected with available exemptions), so they propose a Plan that will pay their creditors the same as they would have received in a Chapter 7 case—and thus they get to keep their property. Chapter 13 also is useful to people that have unpaid tax debts, student loans, delinquent spousal support or equalization payments from a divorce when these types of debts cannot be discharged or eliminated in Chapter 7.