MARGARET L. EVANS has been practicing law since 1997. She has been representing parties in divorce cases and custody actions since her admission to practice. She is also a certified family court mediator, in addition to being a certified circuit court mediator. She also represents debtors in bankruptcy, primarily in Chapters 7 and 13.
Many times, bad things happen to good people. People often need a "fresh start" financially. Let Attorney Margaret Evans help you decide if you need a "fresh start", too, with a free bankruptcy consultation. The most common causes are medical bills, divorce, unforeseen illnesses or injury and job layoffs.
7 "liquidation bankruptcy": The Debtor (person owing money) submits a VOLUNTARY PETITION, with the appropriate schedules and forms to show all of the Debtor's assets and all debts. An interim Trustee is then appointed to determine if the Debtor has any assets which can be taken or sold to satisfy the pool of unsecured creditors. If no assets are available (as in most of the cases filed under this chapter) and the Debtor has not committed a "bad act" then most debts are forgiven (with a few exceptions – i.e., most tax debt, most student loan debt, etc.) Liens on assets (such as mortgages on houses and auto loans) must be paid if the property is to be kept. A "Bad Act" is defined as attempting to hide or dispose of property prior to filing bankruptcy or submitting fraudulent information to the Bankruptcy Court.
13 "wage earner": The Debtor submits a VOLUNTARY PETITION, with the appropriate schedules and forms to show all of the Debtor's assets and debts. An interim Trustee is then appointed to oversee the restructuring of debts and the approval of the debtor's plan. Creditors are paid back in whole or in part as determined by the debtor's repayment plan which must ultimately be approved the Bankruptcy Court.
If you are in danger of losing your house to a foreclosure sale or in imminent danger of having your car repossessed, then you may want to file an emergency Chapter 13 petition to prevent the creditor from exercising such a dire remedy. Attorney Margaret Evans has been practicing in the area of consumer bankruptcy law for the past 7 years and has handled many consumer bankruptcy cases. She turned to this area of practice shortly after 2008 at the time of the housing market collapse, seeing a need to assist those in financial ruin.
The information is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.