Bankruptcy

Bankruptcy is constitutionally protected right of all persons. It allows those who have encountered financial difficulties obtain a fresh start. It's a financial do-over. Bankruptcy is a useful tool to get back on track and move forward with life. We help individuals and families navigate this complex legal procedure.

Chapter 7 bankruptcy is often referred to as a liquidation of your estate. It's not that scary. Chapter 7 bankruptcy is actually a summary or quick bankruptcy that allows the debtor to discharge most of their debts within 90 days. 

Chapter 13 bankruptcy is a longer form of bankruptcy that allows you to pay unsecured debts over time, usually 36 or 60 months. Chapter 13 bankruptcy is useful if you own a home with equity and you just need some time to get caught up on your mortgage.

Chapter 11 bankruptcy is similar to a Chapter 13 but is designed to reorganize your debt. It is for those with very high debts and who need time to negotiate payment terms on their debt.

If you are contemplating a Chapter 7 bankruptcy, you will need to pay your attorney the full fee prior to filing the petition.

Attorney's fees in a Chapter 13 bankruptcy are paid through the Chapter 13 plan over time. The Jordan Law Office utilizes a flat fee that is approved by the Court so their are no surprises down the line.

Chapter 11 bankruptcies are complex and time intensive. Attorneys usually charge by the hour and any fee must be approved by the Court.

• If I file for bankruptcy, will I lose everything that I own? No. You are entitled to exempt most of your possessions, money, retirement savings, cars and home.

• I am behind on my mortgage and the bank is threatening to foreclose, can bankruptcy help me keep my house? Yes. If have fallen behind and you have the income, Chapter 13 bankruptcy will allow you the time to get caught up.

• I owe the government back taxes, can I discharge them in bankruptcy? Maybe. Depending on old your delinquent taxes are, you may be able to eliminate the back taxes you owe.

• Can I eliminate my student loans in bankruptcy? No. Sorry, the government has decided that student loans are not dischargeable in bankruptcy.