Bankruptcy
 The last day to file bankruptcy before the new bankruptcy laws go into effect is October 17th 2005. Your eligibility to file bankruptcy may be affected after this date. Call one of our lawyers today to discuss your options. Our cutoff for accepting new clients to file under the current law is October 7th 2005.
From now until October 1, 2005 we will be taking appointments for Saturdays to accommodate our client’s work schedules.
Making the decision to file bankruptcy is one of the hardest decisions a person can make. Through no fault of his or her own a person can lose a job, get sick, or just inherit a bad financial situation. Most people try as hard as they can to avoid bankruptcy, even if that means going further into debt.
The two main options individuals have when seeking a fresh start under the Bankruptcy code is chapter 7 and chapter 13. Chapter 7, known as liquidation, allows the trustee to take possession on the individual's assets to sell and pay the unsecured creditors. Property can be treated a variety of ways in Chapter 7 and the debtor as a multitude of options with the same. For more information on the treatment of property under Chapter 7 Click Here. If all goes well individuals remain in Chapter 7 for approximately 90 days until they receive a discharge.
Chapter 13, known as reorganization, allows the individual to propose a plan to repay their debts and keep their assets. The plan, which can last from three to five years, keeps the individual under the protection of the Bankruptcy Court. While the debtor remains in Bankruptcy far longer then they would under a Chapter 7, they are able to discharge debts that would remain in other chapters.
Once someone decides to file for bankruptcy protection there are a lot of myths they need to be aware of.
Myth Number 1: If I file bankruptcy I am going to lose my house.
Not true. There are ways to keep your house regardless of whether you file a chapter 13 or chapter 7 bankruptcy.
Myth Number 2: I have already been served with foreclosure papers it's too late to save my house.
Not true. Preparing the right plan will allow you to save your house even if it is in foreclosure.
Myth Number 3: If I file bankruptcy I am going to be left with nothing.
Not true. The federal government has enacted a number of bankruptcy laws and exemptions to help individuals survive bankruptcy with dignity and to retain a number of their possessions.
Myth Number 4: If I file bankruptcy my credit is going to bad for the rest of my life.
Not true. While filing bankruptcy will remain on your credit report for period of time, bankruptcy allows you to clean up your finances and emerge with a fresh start.
Myth Number 5: Even if I file bankruptcy I am still going to have to deal with creditors calling me and my employer.
Not true. Once you file bankruptcy creditors are no longer able to contact you or anyone else in an attempt to collect on a debt.
Let the attorneys at Rosensteel Fleishman guide you through bankruptcy. We have an experienced team to advise you every step of the way. There is no fee for an initial bankruptcy consultation.
If you are considering bankruptcy call: (704) 714-1450 to make an appointment to speak with an attorney, or stop by the office during regular business hours. We understand that the last thing you need to do is miss more time from work when you are thinking about bankruptcy. We will work with you to schedule an appointment that meets your needs.
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