Bankruptcy

Bankruptcy is a legal process that gives individuals and businesses the opportunity to have their debts forgiven in a couple of different ways. It is a federal court matter and can be a financial fresh start for those facing financial difficulties.

• You have large debts that you are unable to pay
• You have endless medical bills
• You are behind in your mortgage payments
• You are being foreclosed on
• You are being harassed by debt collectors
• You lost your job
• You are being sued by creditors
• You are getting a divorce
• You are using one credit card to pay off another

There are two main types of bankruptcy that we work with at Marks Law Firm.

• Chapter 7 – You have no ability to pay back your debts (liquidation)
• Chapter 13 – You have some ability to pay back your debts (repayment plan)

In your free initial consultation, our experienced attorneys will help you figure out which bankruptcy chapter is the best for you.

As soon as you file bankruptcy, your credit score will be affected and will likely become slightly lower, however, it will build back up if you take the right steps.

• It is possible to have a better credit score than you currently have 12-15 months after filing for bankruptcy.
• Both Chapter 7 and Chapter 13 bankruptcies will stay on your credit report for 10 years.

Schedule a free initial consultation to learn more about how your credit could be affected and improved by filing bankruptcy!

Just because you have filed a bankruptcy before, does not mean that you are unable to file another. There is no limit on how many bankruptcies you can file, but there is a limit on how frequently you can file them.

• If you have previously received a discharge from a Chapter 7 bankruptcy, you can file another Chapter 7 after 8 years (from the date of filing your prior Chapter 7
• If you have previously received a discharge from a Chapter 13 bankruptcy, you can file a Chapter 7 after 6 years.

Even if you do not think you are eligible to file again, schedule a free initial consultation to discuss your options! There are oftentimes many options that could help.

• The last two years of tax returns
• 6 months of paystubs
• Bank statements from every account with your name on it

Yes. A bankruptcy will stop your wages from being garnished or your bank accounts from being levied. If you are experiencing a garnishment or levy, an experienced attorney may be able to get some or all of what was taken back.

No. Filing bankruptcy is really easy to do with the assistance of an experienced attorney. The hardest part for you will likely be gathering all of the documentation that we request and even that is pretty easy!

Yes. In both a Chapter 7 and a Chapter 13 bankruptcy you are able to keep your house and car as they are exempt property under the bankruptcy code. However, if you have multiple homes or multiple cars, it is possible that you will not be able to keep all of them depending on the situation.

A Chapter 7 bankruptcy can save your house or car by possibly discharging your other debt so that you are able to focus on making your house or car payments. Then you will not have to worry about making monthly payments to your other creditors. It can also help you to obtain loan modifications to lower your monthly payment for the house or car. A Chapter 13 bankruptcy can save your house or car by consolidating your debt and creating a payment plan in which your house and car payments will be made before any money is distributed to your creditors. At the end of the plan, your additional unsecured debt will be discharged, and you will no longer be liable for it. A bankruptcy can also help you to obtain loan modifications to lower your monthly payment for the house or car.