Washington, DC • Virginia • Maryland
Chapter 7 bankruptcy, often referred to as Liquidation Bankruptcy or Straight Bankruptcy, eliminates most unsecured debts. Unsecured debts include debts such as credit cards, medical bills, and personal loans.
Most people believe that when they file for Chapter 7 bankruptcy, all of their possessions will be liquidated. The truth is that when you hire Ammerman & Goldberg, we can help you protect your assets. Our objective in every bankruptcy case we handle is to ensure that our clients keep their home, car, and personal belongings, while their personal debts are eliminated.
BIG CHANGES IN BANKRUPTCY LAW
A major reform of the bankruptcy system took effect on October 17, 2005. The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 presents additional challenges to people facing financial problems.
The new law marks the biggest change to bankruptcy law since 1978. It prohibits some people from filing for bankruptcy altogether. The law makes it harder for those who qualify to come up with manageable repayment plans and provides fewer protections from collectors than the prior law. Nevertheless, you still have many legal options to resolve your financial problems.
The Law Firm of Ammerman & Goldberg is committed to assisting clients in financial hardship. Our legal services, including debt relief agency expertise, will be available to anyone who is over-burdened by debt. If you have questions regarding Chapter 7 bankruptcy, call our Washington area bankruptcy attorneys for a free phone consultation.
Stop Creditors' Harassing Phone Calls and Letters
Once we file a Chapter 7 bankruptcy petition with the Virginia, Maryland, or Washington D.C. bankruptcy courts, creditors must stop all collection actions against you, including harassing phone calls, letters, repossessions, and foreclosure actions. All creditor calls can be referred to Ammerman & Goldberg, and you can stop making payments to your unsecured creditors.
Eliminate Vehicle Repossessions Debt
When you hire Ammerman & Goldberg to handle your Chapter 7 bankruptcy, we can eliminate your liability and garnishments for any deficiency balance that remains on repossessed vehicles.
End Wage Garnishments
Once we file your Chapter 7 bankruptcy petition, wage garnishments will cease. Since wage garnishments often drive families further in debt, filing for Chapter 7 bankruptcy often gives people the opportunity to secure a stable financial future.
End Lawsuits / License Suspensions
People who own a home and are being sued should contact Ammerman & Goldberg immediately. Our Chapter 7 bankruptcy attorneys can stop the lawsuit and prevent creditors from placing a lien on your home that could threaten the future of your family. Our Chapter 7 bankruptcy lawyers can also end lawsuits related to automobile accidents. Additionally, we may be able to help you get your drivers' license reinstated if it was revoked due to an accident that occurred while you were uninsured or due to unpaid parking tickets.
Keep Your House, Car, and Personal Belongings
Lenders have an interest in you keeping your property, even when you file for bankruptcy. At Ammerman & Goldberg we can help you reaffirm loans with your creditors. When a loan is reaffirmed people continue to pay the principal and the same interest rate as they were paying before filing for Chapter 7 bankruptcy. The creditors have the security on knowing that a majority of the debtors debts have been eliminated and they cannot file for bankruptcy for eight years. We can help reaffirm loans for cars, homes, credit cards, and other household goods. However, people seeking Chapter 7 bankruptcy relief should be cautious about the amount of debt they reaffirm.
Rebuild Your Credit
Within the last twenty years it has become much easier to re-establish credit after for Chapter 7 bankruptcy. While a bankruptcy remains on your credit report for ten years, people often receive credit card offers within months of filing for Chapter 7 bankruptcy relief. Additionally, since people can only file for bankruptcy once every eight years, it is not unusual for our clients to receive car loans with interest only a few points higher than someone with perfect credit. Most people can even finance a home within two years of filing bankruptcy as long as they can make the monthly payments.
For more information about bankruptcy, please visit our other practice centers: Bankruptcy General, Bankruptcy Chapter 7, Bankruptcy Chapter 13, and Bankruptcy Debtor - Creditor.
Chapter 7 bankruptcy is your right under United States federal law - meaning you are entitled to a fresh start! Filling out our Free Bankruptcy Evaluation Form and contacting the bankruptcy and debt relief lawyers at Ammerman & Goldberg can be the first step to your financial freedom.
