Call us today for a consultation! 949.492.3350 Practice Areas About Our News Contact Bankruptcy Legal Services Let The Gibbs Law Firm help resolve your financial troubles. Personal Bankruptcy • Business Bankruptcy • Debt Resolution The Gibbs Law Firm, APC has been representing debtors and creditors in insolvency matters since 1996. With an emphasis on hands-on client representation, The Gibbs Law Firm, APC distinguishes itself from the myriad of “bankruptcy mill” firms looking only to capitalize on the recent economic down-turn. Below is more information about two chapters of the bankruptcy code most often associated with individual, small and medium sized business insolvency matters. Chapter 7 Bankruptcy When discussing the various types of bankruptcy an individual, a small or medium-sized business can file to protect itself from creditors, most often people think of Chapter 7 – a liquidation. If you believe that you need to evaluate your debts and potentially bankruptcy, contact The Gibbs Law Firm or learn more about Chapter 7 bankruptcy below. LEARN MORE Tell Us About Your Case Tell us a little about your case and get a FREE consultation from The Gibbs Law Firm. Name: Email: Phone: Comments Chapter 13 Bankruptcy Chapter 13, while somewhat less common that Chapter 7 Bankruptcy, is a powerful tool which allows for the adjustment of debts for an individual with regular income. Among the many advantages of Chapter 13 are the fact that a homeowner may be eligible to strip, or remove a second mortgage from their home; a debtor who owns a car that is underwater may be eligible to cram-down the loan amount to the fair market value of the vehicle; a debtor who has non-exempt assets may be able to avoid the liquidation of those assets, as would be the case in a Chapter 7 bankruptcy; and a debtor may actually be able to repay most or all of his or her outstanding obligations through a plan of repayment. Bankruptcy FAQ What is the difference between Chapter 7 and Chapter 13 bankruptcy? In Chapter 7 bankruptcy, you ask the bankruptcy court to discharge most of the debts you owe. In exchange for this discharge, the bankruptcy trustee can take any property you own that is not exempt from collection (see below), sell it, and distribute the proceeds to your creditors. In Chapter 13 bankruptcy, you file a repayment plan with the bankruptcy court to pay back all or a portion of your debts over time. The amount you'll have to repay depends on how much you earn, the amount and types of debt you owe, and how much property you own. Which should I use--Chapter 7 or Chapter 13 bankruptcy? What exactly is bankruptcy? Will it wipe out all my debts? For more information regarding how The Gibbs Law Firm may assist you, please contact us today. CONTACT US Practice Areas Estate Planning Real Estate Bankruptcy Business Law Contact info (949) 492-3350 903 Calle Amanecer, Suite 215 San Clemente, CA 92673 Privacy Policy | Electronic Communications © 2021 All Rights Reserved | The Gibbs Law Firm | Website Design by GoBeRewarded