The entire purpose of bankruptcy is to get you a financial fresh start. It does this by allowing consumers and businesses to eliminate or repay some or all of their debts under the protection of the federal bankruptcy code. In most cases, if you are eligible for bankruptcy, it will help eliminate your debt and/or lower your monthly debt obligations. Bankruptcy can help restructure your mortgage payments, vehicle payments, IRS payments and unsecured debt payments.
When most people hear the words Bankruptcy, they immediately think of rejection or failure. But this just isn’t true.
Bankruptcy is a legal way to take responsibility for your debt. It’s one of the most powerful tools out there to help people who are in an unwinnable situation.
Chapter 7 is a way for you to wipe out all of your debt and get a fresh start. If you are current on your home and vehicles and simply cannot afford your credit cards, medical bills or other debt, then a Chapter 7 may be right for you. On the other hand, if you are at a place where you cannot afford any of your bills and simply want to erase all your debt and start over, you may want to consider a Chapter 7. A Chapter 7 Bankruptcy is very fast and typically takes 4 to 6 months to complete. Once it’s over, your debts are discharged, which is another way of saying that your debts are legally forgiven.
Chapter 13 is a way for you to keep your property on your terms. This is accomplished by restructuring your agreements with your creditors. A Chapter 13 Bankruptcy creates a payment plan that fits within your budget. It allows you to take control of your financial situation and determine how your creditors are repaid. No matter how you found yourself in your financial crisis, whether it is unexpected events or bad choices, a Chapter 13 gives you the ability to turn it all around. If you are behind on your home, missed a car payment, owe the IRS, or have a garnishment, then a Chapter 13 may be right for you.
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We were able to get the vehicle back for the client, have the creditor provide her with clear title and obtained a cash settlement exceeding $60,000, in September 2021
We were able to get the client a loan modification cutting their interest rate in half, saving them over $80,000 in interest. In addition, the Client was able to get over $115,000 in a cash settlement in July 2021
We were able to negotiate with the IRS through an offer in compromise. The IRS accepted our offer of $4,500 to settle the entire balance, saving our client offer $55,000.
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Herrin Law, PLLC,
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