Practice Areas | Bankruptcy
Federal Bankruptcy Law provides individuals with an effective way to obtain relief from debts and to stop any wage garnishments, lawsuits, foreclosures, and/or collection agency actions against them. There are two types of bankruptcy petitions which can be filed with the court: Chapter 7 and Chapter 13.
In a Chapter 7 Bankruptcy Petition, the debtor is seeking to be absolved from the payment of all debts listed in the petition. However, as a result of changes to the bankruptcy code in 2005 that introduced income means testing for full or partial bankruptcy qualification, such relief is not available to everyone.
Chapter 13 Bankruptcy, on the other hand, is a reorganization plan, whereby debts are not discharged but instead are paid off over a 3- to 5-year payment period . This is a more complicated process, and requires regular payments over the payment period. However, like Chapter 7 Bankruptcy, Chapter 13 will stop the harassment and other tactics of collection agencies.
We at Woodland, McCoy & Shinn are highly experienced in bankruptcy law and can advise you as to what plan may be best for you and which approach is likely to be accepted by the court.