Our Law Firm Offers Consumer Chapter 7, Chapter 13 and Foreclosure Defense Legal Services in Indiana and Florida
Are you drowning in debt and need a fresh start? We are a debt relief agency. We help people file for relief under the Bankruptcy Code.
The de la Torre Law Office LLC provides debt relief solutions for those who are overwhelmed with debt. The bankruptcy attorneys at The de la Torre Law Office LLC understand that this a stressful time for you and your family. At The de la Torre Law Office LLC, we understand that bad things happen to good people. If you are receiving relentless collection calls and you are struggling to pay down your debts, contact The de la Torre Law Office LLC for a review of your case.
What Is the Difference Between a Chapter 7 and a Chapter 13 Bankruptcy?
The primary difference between a Chapter 7 Bankruptcy and Chapter 13 bankruptcy is that a Chapter 7 bankruptcy is a complete liquidation of all eligible debt. In a Chapter 13 bankruptcy, your total debt may be reduced and then restructured into a repayment plan that spans between 3 to 5 years. There are some debts that you cannot discharge in a Chapter 13 bankruptcy such as:
- Debts incurred due to fraudulent actions;
- Student loans;
- Some tax debts;
- Some mortgages;
- Compensation owed for causing personal injuries or wrongful death due to operating a motor vehicle while under the influence of alcohol or drugs;
- Certain types of criminal restitution.
Chapter 7 Bankruptcies
A Chapter 7 bankruptcy is for individuals who do not have the ability to pay their debts. Typically, a significant life event such as a serious illness, divorce or lawsuit can often trigger a person’s need to file Chapter 7 bankruptcy.
Below are some of the criteria that make filing for Chapter 7 personal bankruptcy protection a possible solution for you:
- High credit card debt that you cannot pay.
- High medical bills that you cannot pay.
- You have wage garnishments.
- You are receiving harassing or threatening phone from creditors.
- Your receive a “fresh start.”
- You keep future income.
- No limitations on the amount of debt.
- No repayment plan.
- Discharge of debts generally occurs quickly.
Chapter 13 Bankruptcies
Otherwise known as the “Wage Earner’s Plan,” a Chapter 13 bankruptcy enables people, who have steady income, to reorganize all or part of their debts into a repayment plan. A Chapter 13 bankruptcy repayment plan is paid in monthly installments with payment plans as short as three years and which can be extended to five years if the bankruptcy court approves the extension. While you are making these installment payments, your creditors may not contact you or continue collection efforts.
A Chapter 13 bankruptcy offers many advantages over a Chapter 7 bankruptcy. The biggest advantage of a Chapter 13 bankruptcy is that individuals can stop the foreclosure proceedings and also pay back the past due mortgage payments over an extended period of time. A Chapter 13 bankruptcy is very similar to a consolidation loan where you make all plan payments to the Chapter 13 trustee. The Chapter 13 trustee distributes your monthly installment payments to your creditors on your behalf. This means you do not have to communicate with your creditors anymore.
Using Chapter 13 to Stop Foreclosure on Your Home
One of the most common questions our bankruptcy lawyers asked during our bankruptcy consultations is, “Can filing for Chapter 13 help me keep my home?” One of the advantages of initiating the Chapter 13 process is that the bankruptcy court will generally grant you an automatic stay. This automatic stay instantly halts the foreclosure process plus any other collection efforts. In other words, if you file for Chapter 13 bankruptcy and are eligible for the automatic stay, this legal option protects you from losing your home and helps you to catch up on your debts. Also, your repayment plan will help you catch up on past due mortgage payments.
Why Choose The de la Torre Law Office LLC
A few of our exceptional achievements include: authoring and co-authoring numerous legal publications, serving as speakers for a variety of associations, awards from various organizations, and serving the legal community through multiple appointments and service programs. One of our founding partners has been recognized by SuperLawyers in the area of Debtor/Creditor Rights in Indiana for over ten years, and has served in various capacities on the Executive Board of the Indianapolis Bar Association’s Commercial Law and Bankruptcy Section. She currently serves as the Co-Chair of the Orange County Bar Association’s Bankruptcy Committee.
The bankruptcy lawyers at The de la Torre Law Office LLC will provide you with the personalized care and attention that you need. We will help you understand all of your debt relief options so that you can make the right decision for you and your family.
Contact Us for a Consultation
To discuss your debt relief or foreclosure defense needs, contact the experienced bankruptcy attorneys at The de la Torre Law Office LLC at (866) 205-4014 or through our web contact form below.
Somos abogados dedicados a servir a nuestros clientes con soluciones tan creativas e individuales como ellos. Nuestra meta es ayudarlos a navegar los conflictos legales en los ambitos personal y comercial. Para hablar con uno de nuestros abogados, llame al bufete de la Torre LLC, (866) 205-4014, o llene el formulario adjunto.
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