Areas of Practice

Bankruptcy - Chapter 7

Wipes out all of your debts and enables you to get a fresh start. Bankruptcy does not wipe out certain taxes, child support, alimony, student loans, with very rare exceptions, all of your assets are exempt (protected).

Bankruptcy - Chapter 13

Customarily employed to save your home from foreclosures and give you up to 60 months to come current on your mortgage arrearages. You keep all of your property. There are no income restrictions. Chapter 13 is sometimes utilized to consolidate your debts where Chapter 7 is not an option.

Lien Stripping

Customarily employed to wipe out the lien that secures your second mortgage and converts the obligation into an unsecured debt. The unsecured debt can then be repayed over five years for cents on the dollar, with no interest.

Cramdown

Customarily used to reduce the secured portion of the loan on your car down to the value of the car, to spread the remaining payments out over 60 months and to reduce your interest rate. The remaining balance then becomes an unsecured debt and is repaid at cents on the dollar, with no interest, spread out over 60 months. This strategy may also be used to reduce an under secured (under water) mortgage lien down to the value on the property (this would not apply to your primary residence). When you do this, the remaining secured mortgage must be paid off, in full, in 60 equal payments.

Zero Percent Plans

Although Chapter 13 Bankruptcy requires that you make payments to a court trustee, if your living expense budget is extremely tight, you may qualify to enjoy all of the benefits of Chapter 7, while obtaining all of the benefits of Chapter 13, as well.

Bankruptcy Isn't The Only Answer!

You have other options to put in place of bankruptcy and you should review all of your options before deciding to file for bankruptcy. We are more than happy to help you in this descision and at no cost to you.
 
Alternatives Include:
  • Forbearance Agreement
  • Repayment Plan
  • Short Sale
  • Deed-in-lieu of Foreclosure
  • Extension
  • Loan Modification

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