The Gardner Law Firm, P.C.

Types of Bankruptcy

If you are considering bankruptcy or are going through foreclosure, wage garnishment, or creditor harassment, it is important to make an informed decision about your next steps. The Gardner Law Firm, P.C., can help make that decision.

File Bankruptcy to Prevent Foreclosure, Wage Garnishment, and Creditor Harassment

Would you like to stop foreclosure on your home? Are you being harassed by creditors? Have they tried to garnish your paycheck or access your bank accounts? Filing for Bankruptcy can stop them. The Gardner Law Firm will represent your interests and fight to get your life back in your hands.

Contact an experienced lawyer for zealous representation and bankruptcy protection.

Four Common Bankruptcy Options

The Gardner Law Firm can help you determine which of the common types of bankruptcy is best to help you move forward:

Chapter 7 Bankruptcy for individuals: Chapter 7 bankruptcy — also known as liquidation — discharges your debt and puts you back on your feet. In a Chapter 7 filing, a trustee sells your non-exempt property and distributes the proceeds among your creditors. They will not sell your car (depending on its value), or necessary clothing, household goods or appliances.

In order to file for this type of bankruptcy, you must pass a Chapter 7 means test. This test determines whether your income is less than your state's median income. No matter how much your debt, if you meet this test, you will likely qualify for Chapter 7 bankruptcy.

Chapter 13 Bankruptcy for individuals: In Chapter 13 bankruptcy, you pay creditors based on a proposed plan. These payments are made over time. You may be able to keep important larger assets, such as your home, if you file for Chapter 13 bankruptcy. Sometimes, creditors are paid back with full interest, while other times, some of the interest is dropped.

• Stop Foreclosure. Whether you are suffering a job loss or have an adjustable-rate mortgage that you cannot pay off, Chapter 13 bankruptcy can stop foreclosure and let you keep your home.

If you do not qualify for Chapter 7 bankruptcy and you wish to keep your major assets, contact us to learn if Chapter 13 is the best option for you.

Chapter 11 Bankruptcy for businesses: Businesses can reorganize their debt in a way similar to Chapter 13 bankruptcy. Chapter 11 allows businesses to keep their large assets while repaying their debt through an installment/payment plan. If you are a business owner or you own extensive assets, this might be right for you.

Chapter 12 Bankruptcy for farmers or fishermen: Chapter 12 allows family farmers and fishermen to propose a plan similar to that in Chapter 13 bankruptcy. The plans created in this type of bankruptcy are typically three-year plans.

If you are considering bankruptcy, call us today. Our principal attorney, Bruce E. Gardner will help you decide whether bankruptcy is the best route for you, and, if it is, which type of bankruptcy petition you should file.

The Gardner Law Firm, P.C.
1101 Pennsylvania Ave NW
Washington, DC 20004-2514
Telephone: 202-271-0552 | Fax: 301-249-6234

At The Gardner Law Firm, P.C., we serve clients throughout the United States. From our offices in the District of Columbia, we serve Maryland and Virginia residents in communities such as Washington, Bethesda, College Park, Fort Washington, Greenbelt, Largo, Rockville, Silver Spring and Upper Marlboro, as well as all the communities in Alexandria County, Anne Arundel County, Fairfax County, Howard County, Montgomery County and Prince Georges County. We also serve clients remotely in locations such as Atlanta, Houston and Chicago.