Filing for bankruptcy can be a stressful and emotional experience. In a time when it seems like every firm practices bankruptcy law, it is important to find a firm that is actually experienced in bankruptcy and knows what they are doing. Let our firm provide you with a free initial consultation. We will discuss all of your concerns to ensure that we examine all of your options and allow you to make the best choice for your situation. Whether your issues are related to tax debt, falling behind on your mortgage or car payment, facing foreclosure, or repossession, or if you have a judgment that has resulted in a wage garnishment or even a suspended license, we may be able to help. Give us a call and see what we can do for you.

Chapter 7

A Chapter 7 bankruptcy is known as a “liquidation of assets”. It allows you to eliminate your debt in a short time frame. Many times, you may be able to hold on to some, if not all, of your assets and eliminate most of your debt. If you believe you have little income and assets, you are most likely eligible to file a Chapter 7. Within a Chapter 7, you may have options on what to do with a vehicle on which you were making payments. Also, Chapter 7 bankruptcies have recently received a boost from a recent federal case. If you want to stay in your home and are having trouble making a second mortgage, equity line of credit payment, or home owner association dues, we may be able to strip those liens off of your home.

Chapter 13

A Chapter 13 bankruptcy is considered a “reorganization of debt”. This type of case allows you many more options with respect to your vehicle and real estate loans. Not only can we stop a repossession on a vehicle, but you may be eligible to have your interest rate reduced on your vehicle loan and possibly make lower payments. Similarly, we may be able to stop a foreclosure on your real estate and get your loan modified so that it is more affordable for you. If you have a second mortgage that feels like throwing good money after bad, you are most likely upside-down on your mortgage and are eligible to have that lien stripped entirely. Also, if the IRS is garnishing your wages, we can put a stop to that and work out an affordable payment plan. If student loans are causing you concern, a Chapter 13 enables you to pay up to your affordability for now, so you can concentrate on larger payments later.

Loan Modification

If you have fallen behind on your mortgage due to a hardship, you are not alone. You may have tried to get a loan modification on your own but have been unsuccessful because the bank has repeatedly lost your paperwork and is causing you frustration. When you file a bankruptcy, you can request a loan modification on your home loan and the chances of success are far higher than if you tried without the bankruptcy. At Alladi & Patel, P.A., we will maintain constant contact with the bank to make sure they are making every effort in good faith, to achieve the loan modification.