Too many people are struggling with loans, medical bills, credit cards, repossessions, cable/internet/phone bills, and high car payments while Bankruptcy is an easy solution to these problems. CHAPTER 7 BANKRUPTCY:
Federal Law can reset your bills to $0.00. Meanwhile, you may continue your income, and it's very likely to keep your car, house, and other belongings. I know it sounds too good to be true, but it's true. Of course, the Federal Law requires that you qualify, but you'd be shocked at how many of us qualify for this benefit. I have filed more than 500 of these cases, and this is a typical situation:
-Taylor has a kid and makes $53,000/year
-Taylor has a bank account with $1,300.
-Taylor owns a 2008 Pontiac G6 free-and-clear, worth $4K.
-Taylor is purchasing a 2016 Chevy Impala, worth $19K and still owes $19K.
-Taylor owns their house, worth $120K, and owes $75K on the mortgage.
-Taylor owes $5K on credit cards, $25K in medical bills, $6K in repossessions, $2K on phone/cable/internet bills, and $800 on utilities. In a situation like this, barring other setbacks, Taylor could file a Chapter 7 Bankruptcy, keep the $53,000/yr job, keep the 2008 Pontiac G6, keep the $1,300 cash, and even keep their house and the 2016 Chevy (as long as Taylor is current on the payments, and continues to pay moving forward). All of Taylor's debt would be reset to $0.00. CHAPTER 13 BANKRUPTCY:
Federal Law allows for some other cool results. Assume the same facts as above, except that
-the Chevy is a 2013 and Taylor has been paying $425/month for 3 years, and has now fallen behind a couple months and faces a repossession. The car is worth $9,000, but still owes $14,500
-Taylor is now 2 months behind on the mortgage of $650/month
-Taylor has furniture from 1.5 years ago that is still owed $3,500 @ $225/month, but is only worth $800
-Taylor also owes student loans of $35,000 @ $250/month
-IRS/State taxes of $1,200
SUMMARY:
Before the Chapter 13 bankruptcy, Taylor was facing a wage garnishment, as well as the $425/mo car, $650/mo mortgage, $225/mo furniture, and $250/mo student loans
=$1,550/month + Wage Garnishment + Other Debt
Wow that would be stressful. The Chapter 13 I, Lucas M. Ruffing, could set up for Taylor combines all of this debt into a SINGLE monthly payment of:
-$987.00 for 60 months
-INCLUDES the house, car, furniture, student loans, taxes, and all the other debt. Taylor would only pay $987/month and would no longer have a car payment, mortgage payment, student loan payment, taxes, furniture payment, wage garnishment, or the annoying medical bills, credit cards, and so on. After the bankruptcy, Taylor would have to continue the mortgage payment (of course) and would still owe student loans (unfortunately), but Taylor would now:
-OWN the 2013 Chevy FREE-AND-CLEAR
-OWN the furniture
-amazingly, the $5K on credit cards, $25K in medical bills, $6K in repossessions, $2K on phone/cable/internet bills, and $800 on utilities would be completely RESET to $0.00! Call for a free consultation with Lucas Ruffing, or text Lucas if you have any questions.
