Bankruptcy

Bankruptcies are a sign of the times. In fact, more than a million bankruptcies are filed every year in the U.S. If you need protection from creditors, let LegalACE help. We offer attorney-assisted bankruptcies for a flat fee, so that you can get a fresh financial start.

There is more than one option when it comes to filing bankruptcy. In Chapter 7, your property is sold to pay off debts, while leaving you with enough to move forward. In Chapter 7, some property may be sold to pay off debts, while most or all unsecured debts will be erased. With secured debt, such as a car, you can allow the creditor to repossess the property; continue paying on the property if the lender agrees; or pay the creditor a lump sum equal to the current replacement value of the property.

Chapter 13 offers you the chance to reorganize your finances. You typically file a repayment plan with the courts to pay back a portion or all of your debts over time.

In cases of foreclosure, bankruptcy may help by delaying or in some cases avoiding foreclosure altogether.

While bankruptcies can relieve many types of debt, there are several types that it cannot eliminate:

• Child support
• Alimony
• Student Loans
• Taxes

Take our Online Bankruptcy Questionnaire to find out if you qualify for our service.

Testimonials

	I absolutely loved working with LegalACE to establish my LLC. The entire process was very easy to follow and far more user friendly than some of the other sites I looked into. ~ Jackie W. - Chandler, Arizona

Frequent Questions

• If I'm married, does my spouse also have to file for bankruptcy?
  

  It is not required that your spouse also file for bankruptcy, but many people consider filing jointly if they have sizeable joint debts. For example, if a married couple lives in a community property state, each party is equally responsible for any debts incurred by either party during the marriage. If only one spouse files for bankruptcy, the creditors could pursue the other spouse for the full amount of the marital debts even if the spouse who filed for bankruptcy was responsible for the debts.

• What debts are not disposed of by a Chapter 7 bankruptcy?
  

  Student loans, certain taxes, child support, and spousal support are typically not discharged under a Chapter 7 bankruptcy.

• What if I have filed for bankruptcy before?
  

  A person can file for Chapter 7 bankruptcy if 8 years has passed since the previous Chapter 7 discharge. Chapter 13 can be granted if it has been 2 years since a previous Chapter 13 discharge.

• What is the bankruptcy process with LegalACE?
  

  A bankruptcy process with LegalACE involves a brief questionnaire. Once we receive your information we will contact you, discuss our flat-fee service, and make payment arrangements. We then put you in contact with one of our partner bankruptcy attorneys in your area. He or she will handle your bankruptcy and discharge your debts.

• What is the difference between Chapter 7 and Chapter 13 bankruptcy?
  

  Chapter 7 bankruptcy typically involves liquidation of some personal assets, the funds from which are given to your creditors in exchange for discharging your debts. Chapter 13 bankruptcy allows you to retain possession of all of your assets and usually involves restructuring your existing debts and setting up payment plans for you if you have a regular source of income.

• What kind of property is exempt from being surrendered and liquidated under Chapter 7 bankruptcy?
  

  Exemptions are state specific, but typical exemptions include a homestead, an older automobile, tools of the trade, pensions, clothes, household goods, some jewelry and heirlooms, etc.

Glossary

Select a term in our glossary:

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