Whether you're an individual or a business entity, our firm can file and service your bankruptcy. 

People from all different walks of life struggle with debt for a many reasons, sometimes it’s due to loss of employment, having too much debt, or simply experiencing an unexpected life event. Any one of these can cause substantial stress on personal finances.

Some people try to work out of debt by paying what they can, yet being subject to continuous finance charges, collection calls, and threats of law suits. Others wipe out their savings and retirement accounts to try to stay current with their payments, only to fall behind again. However, it doesn’t have to be that way.  Bankruptcy is a legitimate, and available option.

Bankruptcy doesn’t have to be a bad word. The Bankruptcy Code was established to provide relief from debt for those who need and qualify for it. For individuals, there are two main Chapters (the code section under which you can file), those being Chapter 7 and Chapter 13. 

 Chapter 7 is what is often referred to as “full liquidation” bankruptcy. Under this Chapter an individual (known as a "debtor") essentially is asking the court to liquidate their assets (unless exemptions apply) so that their creditors can be paid off, and thereafter the individual debtor can have a “fresh start”.

If there are no assets (a “no asset case”), or the assets are insufficient to pay off all the debt, then the remaining debt is “discharged” – by order of court the individual debtor is no longer legally liable for repayment of that debt. In this way, the debtor gets out from the oppression of debt, and can have his or her “fresh start”.

Of course, there are limits to what debt can be discharged, and what individuals can claim Chapter 7 bankruptcy, but those issues can be discussed during your free 30-minute consultation. If you’re ready to make an appoint click here or e-mail jv@inpacta.com.

 In contrast to Chapter 7, Chapter 13 is the “reorganization” personal bankruptcy.

Under this Chapter the individual debtor provides the court with Plan – essentially a proposal on how the debtor intends to handle his or her debt. While Chapter 13 requires an individual debtor to pay some or all of his/her debt, and it requires that the debtor have a source of income from which to fund the Plan, it does have some advantages.

One very clear advantage is the ability of an debtor to rescue his or her residence from foreclosure by paying off arrears over the course of the Chapter 13 Plan, or “stripping off” liens that are completely underwater. At the end of the Plan, the debtor, as with a Chapter 7, is discharged from any remaining unsecured debt, and gets his or her “fresh start.”

There are other considerations to be made before filing a Chapter 13 case, but those can be discussed during your free 30-minute consultation. If you’re ready to make an appointment click here or e-mail jv@inpacta.com.

So whether you know that bankruptcy is right for you, or don’t know and want to ask questions, please contact us. At In Pacta PLLC our fees are reasonable, and we offer different payment options. We are dedicated to serving the needs of our clients.