My law office is a debt relief agency. I help people consolidate/negotiate their debt or file for bankruptcy relief under the Bankruptcy Code. I will walk you through the entire process step by step and make sure that you are certain that you want to file. A great resource to educate yourself on the entire process can be found through the following link Bankruptcy Basics.

If you do decide to file, I make sure that your petition is extremely accurate and detailed. I just don't take what you give me on a questionnaire and run with it. I take the time to analyze your questionnaire against your supporting documentation (6 months of bank statements, 3 credit reports, tax returns and your bills) to ensure that the petition is accurate and to reduce the chances that the trustee assigned to your case will select your case for an additional inquiry.  

As soon as you file a Chapter 7 or Chapter 13, an Automatic Stay (Order) goes into effect that forbids creditors from starting or continuing collection efforts.

Chapter 7 bankruptcy gives debtors a fresh start by allowing debtors to discharge some or all of their debt. It also generally allows debtors to keep all of their assets that are properly exempted under the law. The entire process (from day of filing to discharge) typically takes about three months to complete.

Chapter 13 bankruptcy  enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. Chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time. Chapter 13 acts like a consolidation loan under which the individual makes the plan payments to a chapter 13 trustee who then distributes payments to creditors.

Most Chapter 7 and Chapter 13 bankruptcy filers will have to follow only these steps:

• Get credit counseling from an approved agency before filing for bankruptcy.
• Obtain your free credit reports.
• Fill out your lawyers questionnaire in order to submit a bankruptcy petition. In order to complete the questionnaire, you will need the following:

  1. A list of all creditors and the amounts and nature of their claims;

  2. The source, amount, and frequency of the debtor's income;

  3. A list of all of the debtor's property; and
  4.  A detailed list of the debtor's monthly living expenses, i.e., food, clothing, shelter, utilities, taxes, transportation, medicine, etc.

• Give the trustee a copy of your most recent tax return and pay stubs for the last 60 days prior to filing.
• Attend a five-minute meeting with a bankruptcy trustee (Remember to bring your Social Security Card and your Driver's License).
• Take a two hour course on budget management prior to discharge.
• Wait a few months for your bankruptcy to be final and your debts to be discharged. However, a Chapter 13 can take 3 to 5 years to be discharged.                                                                   

Whether you will file under Chapter 7 or under Chapter 13, it is imperative that you consult with your attorney before you do anything. Please do not reimburse relatives/friends prior to filing. This is what the bankruptcy courts call a preferential transfer and it can jeopardize your filing.  

If you have any questions, or would like to discuss your personal legal matter, please call me at (978) 961-0407 or (603) 233-4843 for a free phone consultation or to make an appointment.

You can also contact me online by clicking the following link: Free Bankruptcy Evaluation!!

                                                                                               
                                                                                                                                     Law Office of Peter J. Clarke, LLC
                                                       300 Brickstone Square, Suite 201 Andover, MA 01810 | 155 Fleet Street Portsmouth, NH 03801
                                                                        Tel MA:978-961-0407 |Tel NH: 603-233-4843 | Fax: 978-992-0296 | peter@pjclarkelaw.com