The two basic forms of personal bankruptcy are Chapter 13 and Chapter 7.

Chapter 13 bankruptcy means a consumer can potentially enable a person to keep a mortgaged house or car on which they’ve defaulted, provided they have a steady income and are willing to comply with a three to five year court approved repayment plan. Filing under Chapter 13 does not, by any means, guarantee that you will be allowed to keep your house, though. If an acceptable plan to catch up on your debts is not agreed upon, Chapter 13 may not allow you to keep your property. If the bank or financing company has an unpaid mortgage or lien on the property, and they have reason to believe that their prospects for recouping their funds are slim, Chapter 13 may not be an effective shield against having to give up your home.

Although neither is desirable, Chapter 13 may be considered less severe than Chapter 7. Unlike Chapter 13, Chapter 7 involves liquidation of all non-exempt assets and is referred to as “straight bankruptcy”. Chapter 13 is far from a “cure all” remedy, however, and will probably require you to stick with a court imposed repayment plan. As a point of information, personal bankruptcy plans, such as Chapter 13, usually do not wipe out child support obligations, alimony, fines, or taxes. Chapter 13 and Chapter 7 bankruptcy proceedings will also not excuse you from some student loan obligations.

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I just wanted to thank your entire staff at The Law Offices of Leslie H. Tayne, for helping me get out of debt. If it wasn’t for your firm, I would have never been able to resolve my $13k worth of debt in less than 3 years. Your staff did a great job, I was finally able to buy myself a brand new car without using a cosigner. I can’t tell you again how happy I am. I would recommend your services to anyone.

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I sleep like a baby at night now because of the work that you and your office have done. Rest assured that I will refer anyone I know to your office with conditions that are similarly circumstanced.

R.S. Client 2012-2014

You have been very helpful at first directing me in the right direction when I had no clue how to go about handling everything, I really appreciated all your advice and help and hope we can work something out. Thanks again for all your help and kind words, and patience.

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