Bankruptcy

There are two chapters of the Bankruptcy Code under which consumers usually file – Chapter 7 and Chapter 13. A Chapter 7 bankruptcy is traditionally known as a “fresh start” filing. Most individuals and families that file a Chapter 7 case are not in a position to make any payment to their creditors and simply want a clean slate to restart their financial lives. In most cases, individuals that file under Chapter 7 choose to keep their homes, motor vehicles, and retirement accounts. 

A Chapter 13 bankruptcy is a reorganization of the financial affairs and is commonly used by individuals and families who need the assistance of the bankruptcy court in catching up on back taxes or missed mortgage payments. In a Chapter 13, a plan of reorganization is proposed by the filer and approved by the Court to allow the filer to repay based primarily on their ability to repay, not based on the demands of their creditors. 

If you are facing foreclosure, wage garnishment, bank attachment, or repossession, call the experienced and dedicated professionals at Oberholtzer & Filous today to begin your journey to a better financial future.