“[Bankruptcy] gives to the honest but unfortunate debtor…a new opportunity in life…unhampered by…pre-existing debt.” US Supreme Court (Local Loan Co. v. Hunt, 292 US 234 (1934)).
The Law Office of Matthew Gary Evans represents individuals and small businesses in chapter 7, 11, or 13 bankruptcy.
A chapter 7 bankruptcy is a discharge of unsecured debts such as medical bills, credit card debt, and most other personal loans. To be eligible for a chapter 7 bankruptcy, debtors must pass what’s called the “means test,” which permits debtors to file a chapter 7 bankruptcy only if their income is at a certain level after taking into consideration certain deductions from income.
Chapter 13 bankruptcy is a reorganization and repayment of debts over time without liquidating assets. The primary goal in a chapter 13 case is confirmation of the chapter 13 repayment plan. The length of the plan (3 or 5 years) is determined by your income. Most people who file a chapter 13 do so because their income is too high for a chapter 7, or they want to try to save their home from foreclosure by paying off the past due mortgage payments over time through the chapter 13 plan. To be eligible for chapter 13, a debtor must have regular income, be able to propose a feasible chapter 13 plan, and have debt amounts less than certain maximum limits.
A chapter 11 bankruptcy is usually filed by businesses that want to keep operating without liquidating assets. A chapter 11 can also be filed by individuals who are ineligible for a chapter 7 because their income is too high, or ineligible for a chapter 13 because their income is isn’t regular or high enough or their debt limits exceed allowable limits. It isn’t true that chapter 11 is only for businesses, or that businesses can only file chapter 11.
Filing for bankruptcy is much more than “just” filling out forms. It is highly complicated and you should be represented by a knowledgeable lawyer who can guide you through the process with the proper planning and skilled compliance with procedural requirements.
My fees are:
$500 plus costs and up for a chapter 7
$1,500 plus costs and up for a chapter 13
$4,000 plus costs and up for a chapter 11