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James F. Kahn, P.C. is a Debt Relief Agency. We help people file for relief under the United States Bankruptcy Code.
Frequently Asked Questions About BankruptcyTable of Contents
Why hire a lawyer to help me file Bankruptcy?Bankruptcy is a complicated process. There are a broad number of issues that can arise that are most likely common to us but you may not know what to do or how to handle them. Some agencies that advertise cheap help for filing Bankruptcy, such as docuprep companies, have very limited authority as well. They may not be aware of all aspects of the law as they are not required to know and continuously study the law like attorneys are. Back to TopWhy hire THIS lawyer to help me file Bankruptcy?Again, Bankruptcy is a very convoluted process. Mr. Kahn is a Certified Bankruptcy Specialist and has been since 1988. In addition, he has been practicing law for over 30 years. He knows the ins-and-outs of the Bankruptcy Code can help you to overcome your situation, no matter what sort of predicament you may currently find yourself in. Back to TopWhat kind of Bankruptcy protection is available to individuals?There are generally four primary types of bankruptcy filings, but you may not be qualified to file each type. Generally, Chapter 7 Bankruptcies are liquidations; Chapter 13 Bankruptcies are filed to help you reorganize your debts, and make payments to a trustee who will then pay your creditors. (Chapter 11 and 12 Bankruptcies are not generally for individuals, but for businesses). We can help you decide what type of bankruptcy filing is best for you. Back to TopWhat is a Chapter 7 Bankruptcy?Chapter 7 Bankruptcy is he Bankruptcy Code's liquidation chapter. It is sometimes referred to as "straight bankruptcy". A Chapter 7 trustee is appointed to take over your property. Any property of value will be sold or turned into money to pay your creditors. Depending on the law of the State in which you file, you may be able to keep some of your personal and real property. If you have the ability to repay your debts, after taking into account reasonable and necessary living expenses, you may not qualify for relief under this chapter. Back to TopWhat is Chapter 13 Bankruptcy?Chapter 13 is frequently referred to as the "wage earner" chapter. Only an individual with regular income that owes, on the date of the filing of the petition, noncontingent, liquidated, unsecured debts of less than $290,525 and noncontingent, liquidated, secured debts of less than $871,550, or an individual with regular income and such individual's spouse, except a stockbroker or a commodity broker, that owe, on the date of the filing of the petition, noncontingent, liquidated, unsecured debts that aggregate less than $290,525 and noncontingent, liquidated, secured debts of less than $871,550 may be a debtor under Chapter 13. Under Chapter 13 you repay your debts (or a portion thereof) through a repayment plan. You can usually keep your property, but you must earn wages or have some other source of regular income to be a debtor under this chapter. The Court must approve your repayment plan and budget. A Chapter 13 trustee is appointed, and will collect the payments from you. The trustee, in turn, will pay your creditors and monitor your compliance with the terms of your repayment plan. After completion of all payments under your plan, you will receive your discharge. Back to TopWhat is a Chapter 11 Bankruptcy?A chapter 11 bankruptcy allows businesses and individuals to reorganize their financial affairs by making payments to creditors through a plan of reorganization. Back to TopIf I file Bankruptcy, can I keep my house or my car?The law is very complicated and your circumstances require careful examination. Whether you will be able to keep your property is a question that can only be answered by experienced counsel reviewing the facts of your particular situation, including the amount of equity (ownership interest) in your property, your payment record, and other important factors. Back to TopCan I file Bankruptcy with my spouse?There may be advantages or disadvantages to a joint filing with your husband or wife. We'll help you decide based on the type of debts and the assets you need to protect. Back to TopCan I file for Bankruptcy protection if I own a business?Yes, but it depends on how the business is owned, the value of your business, and other factors including what you intend to do with the business. The business itself may require bankruptcy protection; if you are a sole proprietor, or have guaranteed your business' debts, you may require bankruptcy protection for yourself, as well. Back to TopWhat debts can I get rid of if I file Bankruptcy?The following types of debts can be discharged in Bankruptcy:
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