Bankruptcy Information

Bankruptcy allows people who are deeply in debt to discharge most or all of their debt, and to obtain a fresh start. In most cases your debts will be forgiven and you will not have to pay them back. The law allows you to keep some money and most types of necessary property.

Filing bankruptcy imposes an immediate “stay” which stops all of your creditors from seeking to collect debts from you. Your creditors cannot call you or take any type of action against you once the bankruptcy is filed. In addition, any law suits filed against you are suspended and wage garnishments stop.

A decision to file for bankruptcy should not be taken lightly. The bankruptcy laws are complicated, and require attention to detail and careful preparation of the necessary documents. You may lose your property or other rights if your bankruptcy is not filed correctly. That is why you need an experienced professional on your side.

At the Law Office of Joseph R. Ramos, I will give you my personal attention, devoting my experience, energy and knowledge towards helping you. Unlike some other firms, I will personally meet with you from the first consultation and as many times as necessary in order to assure that your case is being handled correctly and that all of your questions have been answered. We represent clients in chapter 7 and chapter 13 cases.

Chapter 7 (Straight Bankruptcy) – A chapter 7 bankruptcy discharges all of your debt in exchange for giving up certain non-exempt property. The law allows you certain exemptions, and in most cases, all of your property will be exempt, meaning that you can keep it. In most cases, a chapter 7 bankruptcy takes about four months to complete and for you to receive your discharge. During that time you will be under the protection of the automatic stay which prevents any of your creditors from taking any action against you.

Chapter 13 (Reorganization) – In a chapter 13 case, you agree to pay back a certain amount of your debt over a period of three to five years through a “plan” filed with the court. The plan will require you to pay back some of your overdue debt, and will allow you to bring current past due mortgage and car payments. Chapter 13 allows you to keep your valuable property, especially your home and car, while bringing these debts current under the protection of the bankruptcy laws.

Bankruptcy laws are complicated and each debtor’s situation is different. That’s why you need a personal consultation with an experienced professional before deciding your course of action. At the Law Office of Joseph R. Ramos, I will take the time necessary to analyze your individual situation and to make the proper recommendation. Contact us today for your free initial consultation.