Bankruptcy / Financial

 

Bankruptcy / Financial Services Information

With over 30 years of experience in consumer and small business bankruptcy law, our attorneys are equipped to provide individuals who may be considering bankruptcy with a basic explanation of the various types of bankruptcy cases provided for under the Bankruptcy Code. We will evaluate your financial circumstances and candidacy for bankruptcy. Widman, Cooney, Wilson, McGann & Fitterer is online with special authorization to do direct filing with the Federal Bankruptcy Court.
 
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Chapter 7 is a process which releases a debtor from personal liability of certain debts known as dischargeable debts and prevents the creditors owed those debts from taking any action against the debtor or the debtor's property to collect the debts. It also prohibits creditors from communicating with the debtor regarding the debt, including telephone calls, letters, and personal contact.
 
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Chapter 13 is designed for an individual debtor who has a regular source of income. It is often preferable to Chapter 7 because it enables such individuals to keep a valuable asset (possibly substantial equity in a home). It acts like a consolidation loan which allows the debtor to propose a plan to repay creditors, usually over a timespan of three to five years. Individuals will have no direct contact with creditors while under Chapter 13 protection.
 

Alternatives to Bankruptcy Filing

We understand that bankruptcy is not for everyone. Additional services of the firm include:
  • Mortgage modification
  • Refinancing
  • Debt negotiation
  • Foreclosure avoidance
  • Deeds in lieu of foreclosure
  • Short sales
  • Reverse mortgage