Bankruptcy

AS OF JANUARY 1, 2007, MR. LONG IS NO LONGER ACCEPTING ANY NEW BANKRUPTCY CASES.

Chapter 7 Bankruptcy and Chapter 13 Bankruptcy

Bankruptcy under Federal law allows avoidance of certain debts upon specific conditions.  Two forms are Chapter 7 bankruptcy and Chapter 13 bankruptcy.   We offer competitive rates in Maryland, the District of Columbia and Virginia.   In Alexandria, Virginia, our Chapter 7 bankruptcy cases are handled electronically, in a paperless environment.  We can file 24 hours a day.  This is called Electronic Case Filing (ECF). 

How a Bankruptcy Works

Our bankruptcies are compiled using state-of-the-art software that cross-references schedules automatically.  A "schedule" is a form listing items such as income and expenses, secured property, and unsecured property.  "Secured" property is any item a creditor can take away from you if you do not pay.  For example, a car loan or a mortgage is called a "security interest" because if you do not pay, you may lose the item secured.  After you file your papers (called a petition and schedules), there is a meeting with a trustee and creditors (called a 341 hearing).  Then, assuming no complications, after a certain time your dischargeable debts are wiped out.

Each type of bankruptcy is discussed and priced below.       

Key Elements of a Chapter 7 ("No Asset") Case

• Wipe out all unsecured debts, except for fraud, other acts of harm to others (called "torts") and most student loans involving the U.S. Government.
• Available once every seven years.
• Obtain a "fresh start" debt free.
• Retain exempt property.

Key Elements of Chapter 13 ("Wage Earner Plan")

• Wipe out some unsecured debts, except for fraud.
• Retain some secured property, such as homes and automobiles.
• Pay a fraction of what is due on all debts on a monthly basis for up to three years, and then discharge the balance.

What are the Most Frequent Client Errors in Completing Bankruptcy Schedules?

Credit Counseling in Crisis: April 2003 Report by the National Consumer Law Center and the Consumer Federation of America