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Piggy-Bank-Band-Aid-520x528While no one wants to be living in debt, the truth is that millions of Americans are unable to keep up with their bills.  If you are one of the many who have fallen behind on payments due to credit card debt, unpaid medical bills or any other type of debt, now is the time to learn more about how personal bankruptcy may be the debt relief solution you need.

At the Law Office of David Philipson, we approach bankruptcy from a realistic standpoint.  We will first sit down together and talk about your personal financial situation, including all of your debts and assets.  If bankruptcy is the right choice for you, we will take on the burden of filing and will guide you through the process.

There are two main types of personal bankruptcy.  A means test, along with our knowledge of the law, will help in deciding which type of filing makes the most sense for you.

Chapter 7 bankruptcies: Chapter 7 bankruptcy is a liquidating bankruptcy.  With this filing, the goal is to discharge debt completely.

Chapter 13 bankruptcies: Filing for Chapter 13 bankruptcy involves creating a debt repayment plan to pay back a portion of the money owed to unsecured creditors.  Typically, payments are made over a three to five-year period.  Any remaining debt after that is discharged.

With both Chapter 7 and Chapter 13 bankruptcies, significant paperwork needs to be gathered and petitions need to be filed.  In addition to taking care of these necessities, we will also attend your initial creditors’ meeting with you.  While bankruptcy may seem like a frightening option at first, our attorneys can help get your financial life back on track.