Bankruptcy
Bankruptcy is a set of federal laws created by Congress pursuant to the United States Constitution. Bankruptcy is designed to assist people and businesses resolve their debt issues. Scott J. Newton specializes in bankruptcy and has guided numerous individuals and business through the process.
Some form of Bankruptcy relief is available to all individuals and businesses. Whether you have overwhelming debt from credit cards, medical bills, lawsuits or other debts, the law firm of Stephens, Boatwright, Cooper, Coleman & Newton, P.C. has the experience necessary to reach a resolution of your debt problems. Bankruptcy will put a stop to the annoying collection efforts, including telephone calls, letters, lawsuits and wage garnishments.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
Frequently Asked Questions:
Q: Am I eligible for bankruptcy?
A: Yes. What type of bankruptcy you file depends on your circumstances. A Chapter 7 bankruptcy is designed to discharge (wipe out) your debts. A Chapter 13 bankruptcy is a personal plan of reorganization to pay a portion of your debts to your creditors. Chapter 11 is the reorganization bankruptcy utilized by businesses, but is also available to individuals in certain instances.
Q: Can I include my credit cards in the bankruptcy?
A: Absolutely. You are required to list all of your debts, including credit cards.
Back to TopQ: Will bankruptcy affect my credit score?
A: In general, bankruptcy will increase your credit score. After receiving a discharge, anybody who wants to lend you money will know that there are no other debts competing for your income.
Back to TopA: It depends on your personal circumstances. This must be analyzed closely prior to filing any type of bankruptcy. If you are facing a foreclosure, a Chapter 13 bankruptcy has the potential to halt the foreclosure and save your home.
Back to TopQ: Will I lose my personal possessions?
A: Most people who file bankruptcy do not lose any of their personal possessions. The main goal for bankruptcy is to obtain a discharge of your debts and give you a “fresh start”. In order to obtain a “fresh start” you are allowed to exempt certain amounts and items of personal property from the bankruptcy process. An analysis of your personal property and applicable exemptions must be conducted prior to filing any bankruptcy.
Back to TopQ: How much does bankruptcy cost?
A: It depends on your personal circumstances and which type of bankruptcy you file. Chapter 7 cases generally cost $1,000.00 plus filing fees. The upfront portion of Chapter 13 fees are approximately $1,600.00 plus filing fees. The remainder of the Chapter 13 fees can be paid through the Chapter 13 plan. The fees may vary depending on circumstances. The fees and costs involved in each case will be explained at the conclusion of the initial consultation.
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