Zeisler & Zeisler provides individually-tailored solutions to each client based upon their own unique financial situation and personal needs. We assist individuals suffering from economic reversals to determine the best course for addressing their finances, whether in bankruptcy or out-of-court. When bankruptcy presents the best outcome, our attorneys and professional staff possess the knowledge and experience necessary to navigate our clients through the process – whether Chapter 7, Chapter 11 or Chapter 13 – while minimizing the disruption to their lives, and provide them with the fresh start needed to recover from their difficulties.
Chapter 7 bankruptcy is one of the most effective ways to wipe out outstanding debt. Successful petitioners are often able to have most, if not all, of their financial obligations discharged, allowing them to begin rebuilding their financial stability. Due to its almost immediate debt relief and relatively simple process, it is the most common form of bankruptcy filed.
At Zeisler & Zeisler, we have been helping our clients achieve lasting debt relief through Chapter 7 bankruptcy for over 30 years. Our lawyers will meet with you to assess your current debt situation, and personally handle your case from beginning to end.
Dubbed a liquidation bankruptcy, Chapter 7 bankruptcy allows petitioners to liquidate their non-exempt assets to satisfy some of their outstanding debt and discharge most of the rest. However, very few cases actually have any liquidation whatsoever because, in most instances, all of our clients’ assets are exempt.
Once a debt is discharged, you no longer have any legal obligation to pay it back. No more monthly payments - the slate is wiped clean. Additionally, unlike other forms of bankruptcy, you will be able to retain your future income.
Filing a Chapter 13 bankruptcy allows you to reorganize most of your personal finances by establishing a plan that provides for monthly payments to your creditors. Debts due for such things as mortgages, credit cards, taxes and student loans can ordinarily be included in the plan.
The amount required to be paid on your obligations is determined by several factors, including the amount and type of debts you have, the amount you can afford to pay each month, and the value of the property you own. Through the Plan you may also pay some of your creditors less than what they are owed. A Chapter 13 Plan and your monthly plan payments continue for three to five years.
Because of the automatic stay imposed when you file bankruptcy, Chapter 13 typically allows you to stop home foreclosure actions and other types of creditor collection activity.
Unlike Chapter 7 bankruptcy, there will be no liquidation of assets during a Chapter 13 bankruptcy filing.
While you are making the payments required by your Chapter 13 Plan, you can retain your income and your assets. Once you have completed the Plan, you will receive a discharge of your debts, meaning that you will have no further obligation to pay the dischargeable debts that you had before you filed.