..........“Welcome to the web page of the Bankruptcy Legal Group. We are a division of Black, Stranick & Waterman, LLP, a full service law firm comprised of energetic attorneys, paralegals and support staff. The Bankruptcy Legal Group is dedicated to giving you the fresh start you deserve. We have over 30 years of experience working with consumers in filing bankruptcy. As a debt relief agency, we help people file for relief under the bankruptcy code. Our staff uses state-of-the-art technology to act fast and save you money.”

What is Bankruptcy?

..........Bankruptcy is a legal proceeding in which a person who cannot meet his or her financial obligations can get a fresh start without being burdened by their growing debt. By obtaining a "discharge" in a bankruptcy proceeding, you can eliminate the legal obligation to pay all or most of your debts.

By filing for bankruptcy you can immediately:

STOP creditor harassment;

STOP mortgage foreclosures;

STOP sheriff's sale's;

STOP repossessions of vehicles; and

STOP IRS seizures.

What is a Chapter 7 Bankruptcy?

..........A Chapter 7 Bankruptcy is known as a "liquidation" or "straight" bankruptcy. This type of bankruptcy is the shortest, lasting approximately four (4) months and requires debtor's to surrender if any, non-exempt property (property which the law does not allow you to keep) to the Chapter 7 Trustee. The Chapter 7 Trustee is an attorney appointed by the Bankruptcy Court to act as a liaison between the debtor and the Court. Any non-exempt property surrendered to the Trustee will be sold to pay some of the debtor's creditors. In a Chapter7 bankruptcy, all of a debtor's unsecured debt (i.e. credit cards, medical bills, personal loans, utility bills) will be discharged. 

What is a Chapter 13 Bankruptcy?

..........A Chapter 13 Bankruptcy is known as a "reorganization" of debt. This type of Bankruptcy last for a minimum of three (3) years and a maximum of five (5) years. In this type of bankruptcy, a debtor proposes a "plan" to repay past-due debts that are secured ( i.e. mortgage payments, car payments or taxes) each month. A Chapter 13 Trustee is appointed by the Bankruptcy Court and the debtor would make monthly payments to the Trustee who then disburses the money equally amongst the secured creditors.

A Chapter 13 Bankruptcy is generally for those who are facing any of these situations:

A Mortgage foreclosure or a Sherrif's Sale.
Individuals who own more property than they are allowed to keep by federal law but still want to pursue a bankruptcy.
Individuals who are behind on their debts and just need some time to catch up. 

There are federal exemptions which allow debtor's to retain some of their personal property and bar creditors from making claims against those pieces of property. These exemptions also double in value for married couples who file jointly. 

Some other commonly asked questions by debtor's are:

Will I lose my home or car if I file for bankruptcy? The answer is no. You may choose what property you wish to keep.

Will I ever be able to get credit again? The answer is YES! The Bankruptcy Legal Group will show you ways to re-build your credit and obtain financing for the future.

Will the bankruptcy wipe out all of my debt? The answer is generally "yes" with a few exceptions:

a. ...Taxes that are less than three (3) years old cannot be discharged;
b. .. Student loans generally cannot be discharged except in cases of extreme hardship.;
c. ...Child Support and Alimony obligations cannot be discharged;
d. ...Debts related to criminal convictions cannot be discharged;
e. ...Mortgages or car loans unless the debtor chooses to surrender the property to the Trustee.