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NOTE!
We are now preparing all documents using the forms mandated by the new Bankruptcy Reform Act of 2005.
Celebrating Our 11th Year Online
   
 
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For those clients who are ready to start the process CLICK HERE to access our SECURE online data submission form.
Note!
The submission form is a large document (127kb). Be patient. It may take 1 to 2 minutes to open completely.
| Note! Your completed bankruptcy schedules will be returned to you by email in Acrobat Reader (pdf.) format for your examination and approval. You will need Acrobat Reader to open, read, and print out your downloadable documents. Your completed petition, with your creditor mailing matrix on diskette, and all necessary forms "live" signed/certified by us will be sent to you by USPS First-Class or Express Mail, per your choice of our standard or emergency preparation service. | Acrobat Reader is available free to the public.If you don't already have Acrobat Reader installed on your computer, just click on the Acrobat Reader icon above to download and install it on your computer. |
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If you have any questions that we haven't answered here in this website regarding the preparation and filing of either a Chapter 7 or a Chapter 13 personal bankruptcy petition please:
We will be here with support for you throughout the process.
The purpose of this notice is to acquaint you with chapters 7 & 13 of the Federal Bankruptcy Code under which you may file a bankruptcy petition and in which American Bankruptcy can competently assist you.
Bankruptcy law is complicated and not easily described. Therefore you may wish to seek the advice of an attorney to learn of your rights and responsibilities under the law should you be possessed of any doubts at to whether, or not, to file a petition with the court.
Neither the judge nor the court's employees may provide you with legal advice. But if you have decided that either Chapter 7 or Chapter 13 is the course for you, American Bankruptcy may be the most efficient and economical means by which to unburden yourself and to renew your financial life.
Chapter 7; Liquidation
1. Chapter 7 is designed for debtors in financial difficulty who do not have the ability to pay their existing debts.
2. Under Chapter 7 a trustee takes possession of all your non-exempt property. You may claim certain of your property, such as a certain portion of your primary residence; your vehicle, up to a certain value according to the governing statutes in your jurisdiction; tools of your trade; necessary clothing; certain personal possessions; and more; as exempt under the governing laws of your state or district. The trustee liquidates the non-exempt property and uses the proceeds to pay your creditors according to the priorities set forth in the bankruptcy code.
3. The purpose of filing a Chapter 7 case is to obtain a discharge of your existing, dischargeable, debts.
4. There are some debts that are not dischargeable under the bankruptcy code, such as; certain taxes, alimony and support payments, criminal restitution, and debts for personal injury caused by driving while intoxicated from alcohol or drugs.
1. Chapter 13 is designed for individuals with regular income who are temporarily unable to pay their debts, but would like to pay them in installments over a period of time.
2. Under Chapter 13 you must file a plan with the court to repay your creditors all or part of the money that you owe them, using your future earnings. The usual period of time allowed by the courts is three years, but under some circumstances, the court may extend the period for up to five years.
3. Unlike Chapter 7, under Chapter 13 you may keep all your property, both exempt or non-exempt, as long as you continue to make payments under your court-approved plan.
4. After completion of payments under your plan, your debts are discharged, except for certain non-dischargeable debts such as enumerated above under the information for Chapter 7. Long-term secured debts such as mortgages and other purchase-contract agreements which extend beyond the term of your chapter 13 plan continue in effect just as before filing the Chapter 13 bankruptcy
For those who feel you are qualified to prepare your own personal bankruptcy petition, just CLICK HERE to check out our $49.95 easy to use Bankruptcy Preparation Software at our partner site. THIS SOFTWARE PRODUCES ALL THE FORMS NEEDED TO COMPLY WITH THE BANKRUPTCY ACT OF 2005. This software has been prepared for use by non-professionals and is good in all 50 states. |