The downturn in the economy left many people in financial distress, without a way to pay down their debt. This happened to everyone from the six figure earners to those who earn minimum wage.  Financial issues bring additional stress to your life and can affect everything from your relationships to your job.  It is difficult to live to the fullest when you are burdened by financial issues.  If you are looking for relief step no further.  EDS can use bankruptcy as a tool to relieve you from the unwanted debt.There are various chapters to bankruptcy.  The most common being Chapter 7 and Chapter 13.

Chapter 7

Chapter 7 bankruptcy is most commonly known as a liquidation.  That is, any property you have that cannot be exempt is sold to pay your creditors.  Do not fret, however, there are many exemptions we can claim that will protect your property.  It may not work for everyone, but that is why you need an experienced attorney to analyze how the exemptions work for you.  Chapter 7 bankruptcies are typically swift.  The debtor will receive their discharge near 90 days after filing.  The catch to a Chapter 7 is that you must qualify.  Our attorneys have filed hundreds of Chapter 7 cases, none of which have been converted to another chapter involuntarily. 

Chapter 13

A Chapter 13 can be thought of as a restructuring of debt.  It is not as swift as a Chapter 7, lasting 3 to 5 years.  Typically, in a Chapter 13, a debtor will pay his or her disposable income to the trustee, who will then pay the creditors.  It is commonly referred to as a “wage earners” plan.  At the end of the 3 or 5 years, the debtor will receive a discharge of the remaining balance.  Of course, there are caveats and the amount paid may be determined based on other factors.  This is why it is important to discuss your matter with an experienced attorney.  We are here to help.