Bankruptcy is a legal proceeding where an individual who cannot pay his or her bills can obtain a fresh financial start. Federal Law provides the right to file bankruptcy. By filing bankruptcy all of your creditors are immediately stopped from seeking to collect debts from you until your debts are sorted out according to the law.
There are four types of Bankruptcy recognized in Federal court and Tackett Legal focuses on helping individuals with two types of these.
Chapter 7-which is commonly referred to as "Straight Bankruptcy". The basic idea in a chapter 7 bankruptcy is to wipe out your debts in exchange for your giving up property, except for "exempt" property which the law allows you to keep. In most cases, all of your property will be exempt.
Chapter 13-enables you file a "plan" showing how you will pay off some of your past-due and current debts over three to five years. In most cases, these payments will be at least as much as your regular monthly payments on your mortgage or car loan, with some extra payment to get caught up on the amount you have fallen behind.
Allow Tackett Legal to assist you in finding out whether Bankruptcy is the best option for you.