Know the difference between Bankruptcies!
         A Chapter 7 or a Chapter 13?

What types of Bankruptcy Plans are available - and which one do I qualify for?

There are four types of Bankruptcy plans available; two for individuals and two for business. The type of Plan you use will depend upon what your qualifications and financial requirements are.

Chapter 7 Private Liquidation
Chapter 11 Commercial - Business Liquidation
Chapter 12 Commercial - Business Reorganization
Chapter 13 Private Reorganization

Many may consider a document service when facing a bankruptcy decision. Unfortunately, going to a document service without benefit of a qualified attorney is much like having a heart operation using a carpenter. Before making the mistake of your life, consider the pitfalls of proceeding by yourself with only prepared documents to assist.

In addition - there's price. If you purchase bankruptcy documents from a document service and later need an attorney, you could have paid $199 to $299 too much. And if that service offers legal services for its customers who need help with their documents, you may be paying more than the going standard industry rate in form preparation and legal representation combined.

Our law firm brings nearly 15 years of legal experience in bankruptcy matters to the table. The first appointment is FREE. To arrange for an appointment you may call us at 402-734-0635, FORM to schedule an appointment.

Chapter 7 Bankruptcy

A Chapter 7 bankruptcy is a process provided for under United States Federal Law by which you are entitled to a fresh start.

A Chapter 7 bankruptcy may eliminate many kinds of unsecured debt. Some examples are credit card balances; medical bills; most personal loans; judgments resulting from car accidents; and deficiencies on repossessed vehicles.

In addition to resolving your debt issues, you usually can keep all of your property. As long as your car and mortgage payments are and remain current, and there is no significant equity in you property, there should be no problem making the arrangements for you to reaffirm the debt. Keep your home, keep your car, keep your personal belongings, but eliminating your debt is our number one goal.

Common Questions
Stop Creditor Harassment
Eliminate Repossession Debts
Stop Garnishments
End Lawsuits
Lower Your Car Payment
Rebuild Your Credit
Keep Your House, Car and Personal Belongings
Law Changes
Low Fees
Bankruptcy Timeline

Learn About Chapter 13 | Bankruptcy Alternatives | Proposed Law Changes

Stop Creditor Harassment
If creditors are bothering you at work, harassing your family, friends and neighbors, or calling at all hours, you can put an end to it immediately simply by hiring our law firm to represent you. Upon retaining our services, we provide you with a special telephone number so that you can refer your creditors to us. We will keep the creditors off your back, and you can stop paying your creditors immediately.

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Eliminate Repossession Debts
After a vehicle finance company repossesses your car they auction it to reduce their loss. You are still responsible for the balance on the car, called a 'deficiency balance'. Our office can eliminate your liability for the entire deficiency balance. Remove the risk of lawsuits and garnishments by filing a Chapter 7.

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A Chapter 7 is one of the most effective ways to immediately stop garnishments. Garnishments can diminish your hard-earned income making it nearly impossible for you to afford basic necessities. By filing a Chapter 7 and stopping the garnishment, you will be able to use your income for more important necessities in life and start saving for your family's future.

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End Lawsuit/License Suspensions
Many states have imposed laws that allow the state to suspend your license if you failed to maintain liability insurance at the time of the accident. Our office can help you get your license reinstated if it is suspended due to an uninsured car accident or unpaid parking tickets. Our attorneys can also stop lawsuits related to those car accidents.

If you are being sued, and you own a home, we strongly urge you to speak with a Law Centre representative IMMEDIATELY about filing a bankruptcy. A bankruptcy will stop a lawsuit immediately and prevent your creditors from placing a lien on your home or garnishing your hard-earned wages.

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The staff at the Law Centre offer two courses of action to lower your car payment. First, in some instances we can use a Chapter 7 redemption to lower your payment. Many people are forced into bankruptcy because a loan company has over-financed a vehicle. A high car payment can make it impossible for you to afford to pay even your month to month expenses. Using the redemption process, we can force a creditor to accept a payoff on your vehicle for only the value of the vehicle. We will even arrange for you to obtain new financing for the redemption on your vehicle.

For instance, if you owe $27,000 on a vehicle that is only worth $12,000, we will force the existing finance company to accept a redemption of $12,000 as a payoff on the vehicle and arrange the financing for you on the $12,000 balance. Many attorneys do not offer this valuable service. We can reduce your vehicle payment, save you thousands of dollars on the vehicle and eliminate your other debts along the way. This is just another way that that our office uses the most aggressive means possible to improve your financial situation and work to get you the fresh start you need.

We can also use Chapter 13 to reduce your car payment and consolidate other debts that you cannot afford to pay. In a Chapter 13, we will reduce the total amount you pay the finance company so that you only pay the value of the vehicle plus interest. Any money owed to the finance company above that amount can be paid, in most circumstances, at a percentage on the dollar. Even if the car has already been repossessed, we may be able to force the finance company to return the vehicle and then reduce your car payment. Time is of the essence, however, so act now. We can also consolidate any other outstanding bills so that you can pay those debts at a percentage on the dollar as well.

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Rebuild Your Credit
One of the most common concerns that we hear from clients has to do with the stigma related to bankruptcy. A basic characteristic of human nature is that people are afraid of things with which they are not familiar. Do not count out bankruptcy as an option until you have taken a short time to get educated on the subject. The stigma against debtors has greatly diminished over the past 20 years, and there is no indication that debtors will be treated less favorably in the future. In fact, the ability to reestablish your credit after a bankruptcy is better than it has ever been before. Bankruptcy can remain on your credit report for up to 10 years, but you can start reestablishing your credit immediately.

First, let us define credit. Credit is your ability to borrow money. Many lenders determine whether or not to lend you money by examining your debt to income ratio; how much outstanding debt you have compared to your income. Remember that the reason that your credit is poor right now is because you have so much outstanding debt. Ask yourself, who would you rather loan money to; the person who has $20,000 in credit cards and could file a bankruptcy at any time, or the person who has already filed bankruptcy, has no remaining debt, and could not file another bankruptcy for another six years.

Many of our clients are able to purchase a vehicle on financing the day they receive their bankruptcy discharge. Often times you will pay a percentage point or two higher than a person with unblemished credit, but ask yourself how low of an interest rate would you be able to get in your present situation. You should be able to finance a home within two years after receiving a bankruptcy discharge, as long as you can provide a minimum down payment and show the ability to make the monthly mortgage payment. Many consumer debtors receive credit card solicitations within months of receiving a bankruptcy discharge. Once you are a client, you are a client for life. We will not abandon our clients once they have received their discharge from the court. This is part of our commitment to you to provide quality legal representation for a fair fee.

We caution you against rumors of the bankruptcy stigma that you may hear from friends or family, who may not possess the knowledge of bankruptcy law necessary to give legal advice. They may have your best interests in mind, but a little knowledge is a dangerous thing. Speak with one of our experienced attorneys to make sure what you are hearing is the truth.

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Keep Your House, Car and Personal Belongings- Reaffirming
Mortgage lenders and automobile finance companies are usually more than happy to keep accepting your current monthly payments both before and after a Chapter 7 bankruptcy. This is called reaffirming your debt. They are in the finance business to make money, not to repossess your property. When the finance company reaffirms the debt, they have the comfort of knowing that you have no other outstanding debts, you cannot file bankruptcy for another six years, and they can continue to collect the principal plus interest under the original loan agreements. Our office will make all of the arrangements for you to reaffirm your debts on your home, car or other household goods that you are financing. Many credit card companies are also willing to reaffirm your debt with them and reinstate your line of credit after the bankruptcy. Although we are happy to arrange reaffirmation agreements on these debts as well, we also caution our clients to avoid getting back into the credit card trap.

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Law Changes
Pressured by the multimillion dollar lobbying effort of credit card companies, Congress is currently considering passing a new bankruptcy law that would severely limit your ability to eliminate debt. The credit card companies have hired some of the most prestigious lobbying firms in the country to pressure our legislators in Washington. The law change could go into effect some time this year. The law affects your ability to get relief under both Chapter 7 and Chapter 13.

Under Chapter 7, the new law would prevent you from eliminating your debt if you made at least the median U.S. income and could afford to pay back only 20% of your debt in installments of at least 50$ per month over at least a 5 year repayment plan. What is worse is that the Government would determine your ability to make these monthly payments using IRS standards for household expenses, which in many cases are not realistic, and do not consider individual circumstances.

Under the present law, honest people like you can completely eliminate credit card debt, medical bills and personal loans, without having to pay back the creditors over a five-year period. If you are presently in a position where you feel that you may not have the ability to repay your debt, now is the time to consult with one of our attorneys. We recognize that our clients are honest people who have either suffered a personal catastrophe or have become over-extended over a number of years and are using our services only as a last resort. Human nature is to procrastinate in acting to solve unpleasant circumstances. Do not delay. Your rights may be severely restricted in the near future.

Consider the following: if you had a drastic reduction in income, but your expenses have not changed, under the new law you could be forced to repay your debt. If you suffered an illness or injury, you may be forced into a five- year repayment plan just because you could not afford health insurance in the first place. If you were in a car accident and were uninsured because you could not afford car insurance, you would be forced to pay 100% of your expendable income each month into a court-ordered repayment plan, or suffer garnishments and other creditor action against you. If you are going through a divorce and household income has been cut in half, under the new law you may no longer be eligible for a discharge of your debts. Currently, our office can still help people in all of these circumstances. Do not delay. Act now, before it's too late.

Many of the proposed changes discussed in this site could very well be law in the next 6 months. Do not delay. Think carefully about the potential urgency with which you must act. The attorneys at the Law Centre can help you now.

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Low Fees
Once you have found an experienced bankruptcy attorney with whom you are comfortable, be sure his fee is fair. The Law Office of Patricia Geringer provides you with very fair fees and gives you the client, a choice of several different payment plans to fit your individual needs. If you need your case filed quickly due to a garnishment, foreclosure or threat of repossession we may be able to file your case almost immediately and offer you a payment plan tailored to your situation. In some circumstances, we may be able to provide you with the official court protection you need by filing your case before being paid our entire fee.

We offer a very low flat fee that can be paid off in installments over several months. Our office can provide you with a range of fair fees right over the phone. We guarantee not to exceed the fee range you are quoted. And remember there are no hidden attorneys fees in that price. Under this payment plan you can hire us with as little as $110 and any balance will be spread out in a flexible payment plan.

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Chapter 13 Bankruptcy

Chapter 13 is an interest-free debt repayment plan through which you can consolidate your debts and make payments on your existing debt over a three to five year period. While in a chapter 13 debt repayment plan, your creditors can not collect from you, and the creditors are required by Federal Court order to adhere to the terms of the approved plan.

One very important thing to remember about Chapter 13 is that you must be working or have a consistent source of income necessary for the repayment plan to be approved by the Bankruptcy Court. Not only must you be able to pay for your monthly living expenses, but you must also be able to make payments to the court in order to consolidate your debts. Debts which are generally consolidated in a chapter 13 are mortgage arrears, balances on vehicle loans, student loans, credit card debts and other unsecured debts. All outstanding debts must be included in the Chapter 13 consolidation.

Read below to find out more detailed information about the benefits of Chapter 13:

      • Common Questions
      • Stop Foreclosure
      • Save Your Car
      • Consolidate Student Loans
      • Protect Cosigners
      • Beware of Refinancing
      • Law Change

Learn About Chapter 7 | Bankruptcy Alternatives | Proposed Law Changes

Stop Foreclosure Immediately
If your home is presently in foreclosure, a Chapter 13 filing will stop the foreclosure any time prior to the sale, and allow you to repay your mortgage arrears through your Chapter 13. You will still be obligated to make all future mortgage payments directly to the mortgage company, but they may not foreclose to collect any outstanding mortgage payments.

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Save Your Car

If the "repo" man is looking for your car, a Chapter 13 will also stop the finance company from repossessing your car. The past due payments and the entire balance on your vehicle loan will be consolidated into the Chapter 13, which you will pay off over the next three to five years. The vehicle finance company can no longer repossess your car, and you will no longer have to make a payment directly to the finance company. Only one payment is made, and that is to the Chapter 13 trustee. Under certain circumstances we can even recover your vehicle after repossession and consolidate

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Consolidate Student Loans
Although you may not eliminate student loans in a Chapter 7, you can consolidate them, with your other bills, in a Chapter 13 and stop collection action against you. Our office can stop the collection action and garnishments related to student loan debts and consolidate your bills so that you may repay them in a plan that is feasible for you.

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Protect Cosigners
Your cosigners receive the same protection that you receive under Chapter 13. Through a Chapter 13, we will protect your cosigners from collection activity, and the creditors must wait to be paid through the Chapter 13. So, if you friend or relative cosigned on your vehicle, and you are having trouble affording the payments, we can put your remaining balance inside a Chapter 13.

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Beware of Refinancing
If you have equity in your home, you can file a Chapter 13, protect your equity, and repay your mortgage arrears over as long as three years. Refinancing or taking out a second mortgage may just create an additional mortgage payment that you cannot afford, instead of repaying your mortgage arrears through a Chapter 13.
Why eat up your equity with another mortgage? You should explore all of your options, and make sure you contact us along the way so we may advise you of your legal rights. When you have quality legal representation, you become knowledgeable about your rights, and become less vulnerable to people trying to take advantage of you in a time of distress. Please remember that we offer a free consultation. Explore Chapter 13 as an alternative to a high-interest rate equity loan against your home.

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Law Change
Under Chapter 13 the new law's impact is just as severe. Currently under Chapter 13, Our office can prevent foreclosures and repossessions by consolidating your outstanding mortgage arrears and car note allowing you to repay these debts over three to five years, while under the courts protection. The new law would pay credit cards and medical bills ahead of your mortgage arrears and car note, therefore increasing Chapter 13 consolidation payments, making it easier for the banks to foreclose on your home or repossess your vehicle, and keeping honest debtors in bankruptcy for five to seven years. You may no longer be able to prevent a foreclosure or repossession after the law change. Act now, before it's too late. Call402-734-0635 (Toll Free - 1-855-734-1911) to speak with an attorney about how the law change could affect you.

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