Archibong Law Firm
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Call Us Today at (240) 472-8959
914 Silver Spring Avenue, Suite 106,
Silver Spring, Maryland, 20910
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Contact Information
icon-address 914 Silver Spring Avenue, Suite 106,
Silver Spring, Maryland, 20910
icon-phone Phone: (240) 472-8959
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Bankruptcy Faq
What is Chapter 7 Bankruptcy
What is Chapter 7 Bankruptcy?

A Chapter 7 Bankruptcy is a court process that is designed to wipe out credit card debt, medical debt, some tax debt for qualified individuals, some student loans for qualified individuals, and other types of unsecured debts for people who can no longer afford to repay them. If you’re thinking about filing a Chapter 7 Bankruptcy, complete our questionnaire above and one of our attorneys will contact you immediately.

Consumer Class

The law requires a bankruptcy filer to complete a short class on consumer credit. The class is available online and on the telephone. Expect to spend only half an hour on the class. We will direct you to the appropriate class to take.

How Can Filing for Bankruptcy Help With Creditors?

Upon filing for bankruptcy, an automatic stay goes into effect. The automatic stay is a legally binding Order that bars your creditors from contacting you. If you do get a call from a creditor after you file for bankruptcy with us, contact our law firm and we will serve the creditor with a cease and desist Order.

Creditors Meeting Or 341 Hearing

This is sometimes referred to as the Chapter 7 Bankruptcy 341 Hearing. This usually last about five to ten minutes. The chapter 7 petitioner and his attorney must attend. This meeting is to enable the Trustee to review your petition and ensure the accuracy of the information on your petition.

Discharge of Debt

Following the Creditors Meeting, you will take a final class on personal finance. We can suggest where you can take the class online or by telephone. Your debts may be discharged within 30 to 45 days after the Creditors Meeting. Get Started Today!

Chapter 13 Bankruptcy

The big difference between Chapter 7 and Chapter 13 is that Chapter 7 erases your debts whereas Chapter 13 restructures and consolidates them. Under Chapter 13, we will work to come up with a manageable three-to-five-year plan for you to make regular payments on your debt. Because the recurring payment amounts will be reasonable relative to your income and overall financial condition, Chapter 13 will allow you to feel as though you have regained control over your finances and moved on with your life.

Why would you choose to have your debts restructured instead of discharged?

For one thing, not everyone qualifies for a discharge under Chapter 7. The higher your income and the greater the ratio of your monthly income to your overall debt, the more likely you are to qualify for Chapter 13 but not for Chapter 7. Chapter 13 can also allow you to avoid foreclosure and save your home, and it can protect people who co-signed loans for you. Another advantage of Chapter 13 is the convenience of making only one monthly payment to all your creditors through the Bankruptcy Trustee.

Chapter 13 Procedure

In most respects, Chapter 13 procedures track Chapter 7 procedures. After our initial meeting, the filer will have a chance to gather all relevant paper work and complete the financial questionnaire. Once the necessary documents are prepared and the credit class is completed, it will be time to file your Chapter 13 bankruptcy petition. Along with your petition, we will file a preliminary debt repayment plan for you. Upon filing, an automatic stay goes into effect and your creditors will be legally barred from calling you.

Chapter 13 Creditors Meeting or Chapter 13 341 Meeting

The Chapter 13 creditors’ meeting gives you, your creditors, and the U.S. bankruptcy trustee a chance to agree on a repayment plan. Next, there is a court hearing on the repayment plan. If the court confirms the plan, it becomes binding, and repayment under the plan must begin as soon as possible after it is approved. Under certain circumstances, some debt may still be discharged even after a plan is put into effect.

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