CHAPTER 7: Chapter 7 cases are commonly referred to as straight bankruptcy or liquidation cases, and may be filed by an individual, corporation, or a partnership. Under chapter 7, the debtor is allowed to claim certain property exempt. In exchange for this, the debtor gets a discharge, which means that the debtor does not have to pay certain types of debts. For additional information related to Chapter 7, contact bankruptcy Attorneys Davis & Jones, P.C.

CHAPTER 13: Chapter 13 permits individuals to keep their property by repaying creditors out of their future income. It is not available to corporations or partnerships. Each chapter 13 debtor proposes a repayment plan that must be approved by the court. After completion of payments under the plan, chapter 13 debtors receive a discharge of most debts. For additional information related to Chapter 13, contact bankruptcy Attorneys Davis & Jones, P.C.

DEBT CONSOLIDATION: Contrary to popular belief, debt consolidation is not a loan. Debt consolidation is a process in which debt is restructured into one low monthly payment. It further enables a consumer to reduce the amount owed and thereby eliminate interest.

Very often a consumer can detect warning signs of being in too much debt long before any collection notices are received. If more than two of the following signs apply to you, it is best to contact bankruptcy Attorneys Davis & Jones, P.C. to discuss your debt consolidation options:

• You have begun charging to your credit card essential expenses like food and daily expenditures
• You are making only the minimum payments on your credit cards each month
• You are near the limit of your credit cards
• You have too many credit cards
• You are unsure how much money you owe creditors

BANKRUPTCY FRAUD: Bankruptcy fraud is a bankruptcy filed with criminal intent; i.e. the intention of evading payment for goods or services although the consumer has funds for repayment, or accepting payment for goods or services but not supplying such services. Common types of bankruptcy fraud include petition mills, false oath, concealment of assets, and fraudulent conveyance. If you, or someone you know have been charged with bankruptcy fraud, contact bankruptcy Attorneys Davis & Jones, P.C. to discuss your legal options.

For more information please call our toll free number at 866-632-2707.

Will I be able to rent an apartment or house after I file for bankruptcy?
A landlord can legally refuse to rent you an apartment because of a prior bankruptcy in your credit report. However, if you are presently renting a home or an apartment, your present landlord will typically renew your lease without running an updated credit report, and will probably not know that you filed for bankruptcy. If you are applying for a new lease, you may encounter some difficulties that we can help you overcome. Offering to make a larger security deposit may be enough for a potential landlord to overcome his/her concerns.A landlord can legally refuse to rent you an apartment because of a prior bankruptcy in your credit report. However, if you are presently renting a home or an apartment, your present landlord will typically renew your lease without running an updated credit report, and will probably not know that you filed for bankruptcy. If you are applying for a new lease, you may encounter some difficulties that we can help you overcome. Offering to make a larger security deposit may be enough for a potential landlord to overcome his/her concerns.

Will bankruptcy stop a lawsuit against me?
If you are being sued, we strongly urge you to speak with an Attorney at Davis & Jones, P.C. about filing for bankruptcy. A bankruptcy filing will stop a lawsuit immediately and prevent your creditors from placing a lien against your house or garnishing your wages.

Will bankruptcy stop my home from being foreclosed and/or my car from being repossessed?
Bankruptcy can prevent a foreclosure of your house or a repossession of your car. An “automatic stay” arises by law the instant a bankruptcy is filed. The automatic stay stops the foreclosure process and prevents any collection actions, such as repossessions or garnishments. Bankruptcy may also allow you to consolidate your mortgage arrears or automobile balance, and make payments on those debts over time through a repayment plan designed by the bankruptcy Attorneys of Davis & Jones.