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Bankruptcy FAQ

Q I'm considering credit counseling or debt consolidation. Does that work?
A The credit counseling and debt consolidating agencies serve the credit card companies. Their purpose is to keep people out of bankruptcy so that the credit card companies may continue to collect from you. Unfortunately this tends to keep you and your family in debt for many years. Speak to a lawyer before visiting a credit counselor or debt consolidator.

Chapter 7 Q&A

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Q What is Chapter 7 Bankruptcy?
A Chapter 7 offers individuals a fresh start by discharging (eliminating) most unsecured debts such as credit card debt, personal loans, judgments, and medical debt. Chapter 7 is sometimes referred to as "liquidation" because, in theory, your bankruptcy trustee can liquidate any of your assets that aren't protected by your state's exemptions. Most people who qualify for Chapter 7 bankruptcy have only exempt assets, so liquidation doesn't occur.

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Q What is the Bankruptcy Automatic Stay?
A The automatic stay takes effect as soon as a bankruptcy case has been filed. It provides filers with immedite relief by halting all forms of collection activities including repossession, foreclosure, evictions, garnishments, bank levies and lawsuits.

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Q How Long Does it Take to File Chapter 7 Bankruptcy?
A One we get all your information, we can file your case in a matter of days. In some cases, we've filed for protection on the same day in order to prevent a foreclosure or an eviction. However you are STRONGLY advised not to wait until the last minute.

Chapter 7 cases tend to take less time than Chapter 13 cases. A Chapter 13 repayment plan can last several years. Chapter 7 filers generally get their discharges in a matter of several months.

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Q Do I Need a Chapter 7 Bankruptcy Lawyer?
A The bottom line is that we do not offer any legal advice on this Website. This is all simply information that will help you to understand the process. The only advice we do offer is to get an attorney, and we offer a free consultation.

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Q What is the Chapter 7 Means Test?
A The means test is a qualifying test that you must pass before you are eligible to file under Chapter 7 of the U.S. Bankruptcy Code. It was introduced by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. The actual test involves a series of calculations, including a comparison of your family's income to the median income of a family your size in your state.

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Q What are the Chapter 7 Bankruptcy Fees?
A Legal fees are based on the number of creditors and the complexity of your case. Start by contacting us and taking advantage of our free consultation.

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Q What is the difference between Chapter 7 and Chapter 13 Bankruptcy?
A Chapter 7 generally elminates debt with no replayment except in some circumasdtances. Chapter 13 includes a Plan through which some debts are repaid. There are pros and cons to both chapters. Speak to an attorney to find out which is right for you.

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Q Ie it Harder to File Chapter 7 Bankruptcy than it used to be?
A While the Chapter 7 means test was intended to tighten the qualification requirements to file Chapter 7 bankruptcy, most people have found that this form of bankruptcy protection is still available to them. For those people who may not qualify for Chapter 7 bankruptcy, Chapter 13 bankruptcy be a viable option.

Chapter 11 Q&A

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Q What is Chapter 11?
A Chapter 11 of the United States Bankruptcy Code is often referred to as a "reorganization" bankruptcy.

Often involving a corporation or partnership (though it can pertain to sole proprietors and individuals), the debtor proposes a plan of reorganization to keep the business alive, and to repay creditors over time.

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Q Is Chapter 11 advisable for an individual?
A It would take a very special set of circumstances, most likely individuals would want to look at Chapter 7 or Chapter 13, however the best advice we can give you is to talk to an attorney, who can help you to decide which chapter of the is best for you.

*We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. (Federal Law Requires that we make this disclosure, but don't worry, we do lots more that just bankruptcy practice.)

Chapter 13 Q&A

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Q What is Chapter 13 Bankruptcy?
A Chapter 13 of the United States Bankruptcy Code is sometimes referred to as a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.

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Adams Law Group LLC
160 Summit Ave #205
Montvale, NJ 07645

Please call for an appointment in one of our offices conveniently located in Manhattan, Westchester and Rockland.
888-738-0088 or Email

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