Overview

Chapter 7 bankruptcy is the most common type of bankruptcy; it is sometimes referred to as “liquidation bankruptcy,” or “straight bankruptcy.” The basic purpose of chapter 7 is to provide you with a fresh start by wiping out all qualifying debts including credit cards, medical bills, repossession deficiencies, law suits as well as a variety of other debts. Bankruptcy lawyers can help with the process. In chapter 7, there is no repayment required for most unsecured debts, your debts are wiped out completely and permanently. In about 99% of chapter 7 cases, the consumer keeps all property, and eliminates most debts. The entire process usually takes less than 4 months to complete. After the bankruptcy is over, the consumer may choose to selectively pay back debts, such as debts to family members, however repayment is not legally required.

Process

In Chapter 7 bankruptcy the typical consumer only has one meeting with the bankruptcy trustee. The purpose of the meeting is to give creditors a chance to ask questions, although it is very rare that a creditor shows up; it is mostly handled by attorneys. The trustee may also ask you questions about particular items on your petition usually focusing on assets or income. Most meetings take only a few minutes. Some consumers feel some level of anxiety or fear leading up to the meeting with the bankruptcy trustee, but there is no reason to fear the trustee. The trustee is looking for people who are hiding assets or trying to defraud the system, they don’t want to harass or scare the common consumer. The meeting will take place in an ordinary conference room, and the trustee is not a judge; the setting is informal. After the meeting, the first thing most people say is “…that’s it?…that was easy.” Once the meeting with the trustee is done, the only thing left to do is keep your address current with the court, and wait for your discharge to come in the mail.

Overview

Chapter 13 Bankruptcy provides consumers with a way to consolidate debt under federal law and repay creditors a portion of what is owed over time. The idea behind chapter 13 is that the consumer makes sufficient income to pay all current living expenses (rent, food, car, utilities, etc.), but not enough to pay off all debts in full or comply with creditor’s demands. In chapter 13, living expenses are paid first, and then whatever is left over goes into the consolidation plan. The plan is not based on what you owe (in most cases); instead, it is based on your ability to repay creditors. The calculation of your plan payments involves many variables, but most importantly it is based on your income and expenses. Whatever is left at the end of the month goes into the plan, even if it only pays creditors pennies on the dollar. Chapter 13 can be particularly useful for consumers with assets over the exemption amounts, or non-dischargeable debts.

Process

In Chapter 13 Bankruptcy, you must submit a plan in which you set out a budget detailing your take-home pay and monthly living expenses. Any excess income is paid to the bankruptcy trustee who then distributes money to creditors on a pro-rata basis. The plan lasts for 36 to 60 months, unless your debts are fully repaid in a shorter period of time. At the end of the chapter 13 plan, any amounts still owing on your unsecured debts are forgiven. Chapter 13 payments can be automatically withdrawn from your bank account by the trustee if you choose

Sanchez Law Group, P.A understands the dramatic impact of a divorce, whether contested or uncontested, will have on your life. It will often involve negotiating highly emotional issues related to child custody, child support, visitation, alimony, and property settlements, each extremely stressful to deal with, as the outcome has a direct impact of the rest of your life.

We strive to remove the uncertainty to every extent possible so you always know what to expect, at each stage and can feel prepared for the outcome. Communication is an important “key” to achieving positive outcomes, and we aim to explore every opportunity throughout the process to bring a swift and peaceful settlement for our clients.

The most logical first step in initiating a modification of child support, visitation, or alimony, is to consult the advice of an experienced family law attorney. Our attorney can walk you through the entire process and court proceedings.

There are certain circumstances that warrant modification of final judgments, including but not limited to a substantial change of income, relocation, a child’s change of residence, parent’s involvement or lack of involvement in the child’s life, etc. Our attorneys at Sanchez Law Group will provide all your options and can determine if there are realistic grounds for a modification.

Sanchez Law Group, P.A understands how frustrating it can be as a father to encounter roadblocks in your efforts to be a part of your child’s life. At times, the father must ask a court for visitation of his child if the mother is unwilling to mutually agree to visitation. In order to seek visitation, paternity must be legally established.

We also understand how important it is as a mother for you to get the financial help you need from the father of your child in order to support your child. Additionally, we know and understand how sensitive situations may become where protection of your child is necessary.

Having worked on both sides of the issue, we know what it takes to build an effective paternity case for you. At Sanchez Law Group, our compassionate approach and commitment to winning can help you weather the difficult situation a paternity issue presents. We can make sure that your voice is heard and that the facts are presented to the court.

Sanchez Law Group, P.A has represented thousands of Borrowers who have defaulted on their mortgages. Our firm spends the time necessary to discuss all loss mitigation solutions, such as Loan Modification, Foreclosure Defense, Bankruptcy, Short Sale, and Consent to Judgment. With experienced Attorneys that can discuss the pros and cons of each option, it gives every Client an edge in making an informed decision on the best solution for their family.

We also represent buyers, sellers and lenders in a wide array of transactions, ranging from the traditional residential purchase and sale, acquisitions and sales of businesses, office buildings, shopping centers, industrial properties, and privately developed projects. We draft and negotiate purchase and sale contracts that fully protect our clients’ interests. By taking decisive, efficient steps, we avoid closing delays that could cost you money.

As part of your disposition, we can assist you with structuring solid like-kind exchanges under IRC §1031. We determine whether you qualify for a §1031 or other tax-deferred exchange, and then ensure that all requirements are met and that you find an appropriate qualifying property as part of the exchange such that you may take advantage of deferring gain.
Our experience with real estate and continual effort to be involved on the cutting edge of the ever-evolving real estate industry allows us to provide efficiency and effective services to our clients.