Bankruptcy Law

We at Simple Legal Solutions, offer Debt Relief for consumers that need a fresh start! If you are facing foreclosure on your property, we can help you file an EMERGENCY petition and STOP the sale within 24 hours, if not less. All of our Bankruptcy’s are handled by an attorney and you will be represented by an attorney from beginning to the end of your case.

Chapter 7 Bankruptcy

Chapter 7 bankruptcy, sometimes call a straight bankruptcy is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. The debtor receives a discharge of all dischargeable debts usually within four months. In the vast majority of cases the debtor has no assets that he would lose so Chapter 7 will give that person a relatively quick “fresh start”.

One of the main purposes of Bankruptcy Law is to give a person, who is hopelessly burdened with debt, a fresh start by wiping out his or her debts.

There has been much doom and gloom written about the bankruptcy means test under the new laws and how much more difficult it’s going to be to file Chapter 7. It’s true that there are more hoops to jump through under the new laws and it’s true that the bankruptcy means test will result in some people having to file chapter 13 instead of Chapter 7.

However, for the vast majority of filers Chapter 7 is still available with very little extra effort!

Chapter 13 Bankruptcy is also known as a reorganization bankruptcy. You can also LIEN STRIP your second mortgage if you are upside down! Chapter13 bankruptcy is filed by individuals who want to pay off their debts over a period of three to five years. This type of bankruptcy appeals to individuals who have non-exempt property that they want to keep. It is also only an option for individuals who have predictable income and whose income is sufficient to pay their reasonable expenses with some amount left over to pay off their debts.