When most people hear the work “bankruptcy” they are filed with fear, but bankruptcy is a way to take an incredible burden of debt off of your shoulders and allow you to have a fresh start. It is the first step to rebuilding your life, finances and allowing you to move forward to the future. Bankruptcy is a federal matter and therefore is governed by very strict rules.

There are many types of bankruptcy but we at the Seymour Law Firm, LLC specialize in two forms of bankruptcy; Chapter 7 Bankruptcy and Chapter 13 Bankruptcy. Let explore both of them.

Chapter 7 Bankruptcy:

Chapter 7 Bankruptcy is known as the total forgiveness bankruptcy. You get to retain your house, possessions and car (as long as you keep making the necessary payments) and get rid of all other debts in your life with very few exceptions. Here at Seymour Law Firm, LLC we have you complete a bankruptcy questionnaire and do and in depth analysis of your finances to see if you are qualified to file Chapter 7 Bankruptcy. We do not file until you we are absolutely sure that you are in the parameters to do so.

Chapter 13 Bankruptcy:

Chapter 13 Bankruptcy is a way by which you can restructure your debt. It is a 60 month plan that allows you to pay the amount you are in arrears on your debts while maintaining the normal monthly payment. Sounds a little complicated, right? Well let us put it in it’s most basic form. Say you own a home and you are six months behinds on a mortgage payment of $1,000.00. You find a new job that more than pays for your current monthly obligation and you have enough left to pay the delinquent amount of $6,000.00 over a 60 month period. As I said that is in its most simple form, but you get the gist. There are late, fees, interest etc that are also rolled into the plan.

We at Seymour Law Firm, LLC take an in depth look at your financials to see whether you are qualified and meet “all” the criteria to file a Chapter 13 Bankruptcy.