Bankruptcy may be a debt-relief option for you if you: have a lot of credit card debt and can’t catch up are behind on your mortgage or car payments are facing foreclosure or repossession have trouble making minimum monthly payments are laid off and can’t make the bills experienced an unexpected illness/injury and the medical bills are out of hand are having difficulty making it from paycheck-to-paycheck Talk to a bankruptcy lawyer today about your options and whether Chapter 7 bankruptcy or Chapter 13 bankruptcy may be able to help you get out of debt . In a liquidation bankruptcy, some of your property may be sold to pay down your debt. In return, most or all of your unsecured debts (that is, debts for which collateral has not been pledged) will be erased. You get to keep any property that is classified as “exempt” under the state or federal laws available to you (such as your clothes, car, and household furnishings). If you don’t own much, chances are that all of your property is exempt and you have what is known as a “no asset” case. Confirmation: Bankruptcy judge’s approval of a plan of reorganization or liquidation in chapter 11, or payment plan in chapter 12 or 13.

Consumer Debtor: A debtor whose debts are primarily consumer debts.

Consumer Debts: Debts incurred for personal (as opposed to business) needs.

Contested Matter: Those matters, other than objections to claims, that are disputed but are not within the definition of an “adversary proceeding”.

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