Chapter 7 Bankruptcy, sometimes called a straight bankruptcy, is a liquidation process. The debtor (the person filing for bankruptcy) is required to turn over any non-exempt assets, if any, to the bankruptcy trustee who then converts them to cash for distribution to creditors. In the vast majority of cases the debtor does not have any assets that they would have to give up to the bankruptcy trustee. After approximately four months, the debtor will receive a discharge of all dischargeable debts. A Chapter 7 Bankruptcy is generally a relatively quick and painless way to get a "fresh start" which allows the debtor to start a new financial life without the burdens of their debts.

One of the goals of filing a Bankruptcy is to give the debtor, who is hopelessly drowning in debt, a fresh start by wiping the slate clean and allowing the debtor to move on with life free of most of their financial burdens.

Chapter 13 Bankruptcy is also known as a reorganization bankruptcy. Chapter 13 bankruptcy is filed by individuals who want to pay off their debts over a period of three to five years. This type of bankruptcy appeals to individuals who have non-exempt property that they want to keep.

Payment plans are available and will be discussed at your initial consultation with Mr.Carter. This consultation is no charge.

The reforms enacted in October of 2005 were designed primarily to prevent abuses. For the vast majority of Chapter 7 filers (liquidation of debt) these change will not affect their ability to gain a fresh start.

In most cases, yes. It depends on how much value it has over what you still owe on it. If the values is less then you can usually retain the property or car as long as payments are kept current. If there is significant value beyond what you owe on it (equity) then it needs to be evaluated.

Most firms will give you a thick stack of forms to fill out on your won, a general phone line to call in with, high fees, and will leave you with a feeling of unease when you meet with the Trustee. Mark Carter will go over each question with you, enter it in on your forms, and make sure you completely understand what is being asked and to answer and questions and concerns you may have. Your access phone number is the direct line to the attorney and most messages are answered promptly. You'll enjoy low fees and feel completely prepared to answer the Trustee's questions.