How can I stop the collection calls and law suits right now?

An automatic stay. An immediate effect of Chapter 7 bankruptcy protection is the automatic stay provision, that generally prevents creditors from collecting debts.

Under the automatic stay, creditors may not call you or send you collection letters. They may not intiate or continue any legal action against you. They may not repossess your car or other assets. If your wages have been garnished, the automatic stay stops garnishment of your wages.

What relief can I expect from a straight bankruptcy Chapter 7?

Discharge and Exemptions. People who file Chapter 7 are granted a discharge from certain debts, enabling a fresh start. Chapter 7 also offers protections for your home, car and other types of property. These are known as Chapter 7 exemptions.

Exemptions outline the types and amounts of your property that can be protected from a forced sale during your bankruptcy. In most cases, these exemptions prevent the sale of your property.

What is the Chapter 7 process?

Chapter 7 bankruptcy is generally a good fit for people who have credit card debt, mounting medical bills, or unsecured personal loans with little regular income and modest assets.

To begin the process, your needs and income are measured in what is known as a means test. Once you qualify under the means test, filing may begin.

What is reorganization Chapter 13?

Should you have property you want to protect, or secured debt and you have regular income enabling you to make monthly payments, then Chapter 13 may be a better option.Chapter 13 may be more appropriate toward the goal of reestablishing financial stability in cases of short-term financial hardships like sickness, job loss or significant unexpected expenses.

Chapter 13 provides an automatic stay feature that avoids repossession and foreclosure. Chapter 13 also contains a debt restructuring plan.

Which one is right for me?

The Law Offices of Gary M. Horwitz can help you determine which type of bankruptcy is right for you, and provide answers to your questions on timing and costs.