Bankruptcy
Finding a Fresh Start
Whether you’re facing mounting debt, creditor harassment, or the possibility of losing your home, bankruptcy can offer a path to relief and a fresh start. We’re here to guide you through this process with compassion, clarity, and the personalized attention you deserve.
Understanding Your Bankruptcy Options
Bankruptcy isn’t one-size-fits-all. There are different types of bankruptcy, and choosing the right one depends on your unique situation. We’ll help you explore your options, whether it’s Chapter 7, Chapter 13, or another form of debt relief, and determine the best path forward.
Chapter 7 Bankruptcy
Often referred to as “liquidation bankruptcy,” Chapter 7 is designed for individuals who don’t have the means to repay their debts. In this process, certain assets may be sold to pay off creditors, but many essential items and personal property are protected under exemption laws. The goal is to discharge most, if not all, of your unsecured debts, giving you a clean slate to rebuild your financial life.
Chapter 13 Bankruptcy
If you have regular income but are struggling to keep up with your debt payments, Chapter 13 might be a better fit. This type of bankruptcy allows you to reorganize your debts into a manageable repayment plan, typically lasting three to five years. At the end of the plan, any remaining unsecured debts may be discharged. This option can help you keep your home, car, and other important assets while catching up on overdue payments.
Debt Relief Alternatives
Bankruptcy isn’t the only solution. Depending on your circumstances, debt negotiation, consolidation, or other alternatives might be more appropriate. We’ll work with you to explore all available options and develop a plan that fits your needs.
Chapter 7 Bankruptcy
Often referred to as “liquidation bankruptcy,” Chapter 7 is designed for individuals who don’t have the means to repay their debts. In this process, certain assets may be sold to pay off creditors, but many essential items and personal property are protected under exemption laws. The goal is to discharge most, if not all, of your unsecured debts, giving you a clean slate to rebuild your financial life.
Chapter 13 Bankruptcy
If you have regular income but are struggling to keep up with your debt payments, Chapter 13 might be a better fit. This type of bankruptcy allows you to reorganize your debts into a manageable repayment plan, typically lasting three to five years. At the end of the plan, any remaining unsecured debts may be discharged. This option can help you keep your home, car, and other important assets while catching up on overdue payments.
Debt Relief Alternatives
Bankruptcy isn’t the only solution. Depending on your circumstances, debt negotiation, consolidation, or other alternatives might be more appropriate. We’ll work with you to explore all available options and develop a plan that fits your needs.
The 4 Step Bankruptcy Process
Navigating bankruptcy can be complex, but you don’t have to do it alone. We’re here to make the process as smooth and stress-free as possible. Here’s what you can expect:
Initial Consultation
We start by discussing your financial situation in detail. We’ll review your debts, income, and assets to determine which type of bankruptcy or debt relief is right for you.
Filing for Bankruptcy
Once we decide on the best course of action, we’ll help you gather the necessary documents and file your bankruptcy petition. This step triggers an automatic stay, stopping creditors from pursuing collection actions against you.
Meeting of Creditors
After filing, you’ll attend a meeting with your creditors, where they can ask questions about your financial situation. We’ll be by your side to guide you through this meeting.
Debt Discharge or Repayment Plan
After filing, you’ll attend a meeting with your creditors, where they can ask questions about your financial situation. We’ll be by your side to guide you through this meeting.
Initial Consultation
We start by discussing your financial situation in detail. We’ll review your debts, income, and assets to determine which type of bankruptcy or debt relief is right for you.
Filing for Bankruptcy
Once we decide on the best course of action, we’ll help you gather the necessary documents and file your bankruptcy petition. This step triggers an automatic stay, stopping creditors from pursuing collection actions against you.
Meeting of Creditors
After filing, you’ll attend a meeting with your creditors, where they can ask questions about your financial situation. We’ll be by your side to guide you through this meeting.
Debt Discharge or Repayment Plan
After filing, you’ll attend a meeting with your creditors, where they can ask questions about your financial situation. We’ll be by your side to guide you through this meeting.
“We highly recommend Sowerby & Moustakis Law. Complementing his extensive knowledge with an individualized approach, Peter Moustakis offers wise counsel.”
- PATRICE P.
Frequently Asked Questions
About Bankruptcy
Will I lose all my property if I file for bankruptcy?
No, not all property is at risk. Both Chapter 7 and Chapter 13 bankruptcies offer exemptions that protect certain assets, such as your home, car, and personal belongings. We’ll help you understand what’s protected and how to keep as much as possible.
How long does bankruptcy stay on my credit report?
A Chapter 7 bankruptcy can remain on your credit report for up to 10 years, while a Chapter 13 bankruptcy typically stays for 7 years. However, many people can start rebuilding their credit soon after their bankruptcy case is closed.
Can bankruptcy stop foreclosure on my home?
Yes, filing for bankruptcy can temporarily stop foreclosure proceedings through an automatic stay. Chapter 13 bankruptcy may allow you to catch up on missed mortgage payments and keep your home. We’ll discuss your options and help you protect your property.
How can I afford to pay for a bankruptcy attorney?
Bankruptcy laws are designed to ensure individuals facing financial hardship have access to the legal assistance they need, without added burden. Payments to attorneys and court filing fees are prioritized in bankruptcy cases, which means these costs can be managed within the process itself. At Sowerby & Moustakis Law, we take it one step further by offering a complimentary, no-cost initial consultation. This allows you to understand your rights, obligations, and the many benefits of bankruptcy without taking on additional risk. We’re here to help you navigate this challenging time and find a solution that works for you.
Frequently Asked Questions
About Bankruptcy
Will I lose all my property if I file for bankruptcy?
No, not all property is at risk. Both Chapter 7 and Chapter 13 bankruptcies offer exemptions that protect certain assets, such as your home, car, and personal belongings. We’ll help you understand what’s protected and how to keep as much as possible.
How long does bankruptcy stay on my credit report?
A Chapter 7 bankruptcy can remain on your credit report for up to 10 years, while a Chapter 13 bankruptcy typically stays for 7 years. However, many people can start rebuilding their credit soon after their bankruptcy case is closed.
Can bankruptcy stop foreclosure on my home?
Yes, filing for bankruptcy can temporarily stop foreclosure proceedings through an automatic stay. Chapter 13 bankruptcy may allow you to catch up on missed mortgage payments and keep your home. We’ll discuss your options and help you protect your property.
How can I afford to pay for a bankruptcy attorney?
Bankruptcy laws are designed to ensure individuals facing financial hardship have access to the legal assistance they need, without added burden. Payments to attorneys and court filing fees are prioritized in bankruptcy cases, which means these costs can be managed within the process itself. At Sowerby & Moustakis Law, we take it one step further by offering a complimentary, no-cost initial consultation. This allows you to understand your rights, obligations, and the many benefits of bankruptcy without taking on additional risk. We’re here to help you navigate this challenging time and find a solution that works for you.
“From my initial emails with Attorney Peter Moustakis we were impressed. He always responded in an extreme timely matter, he is a very knowledgeable and trustworthy.”
- Z.G.
