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Bankruptcy Services

During these troubling economic times, the line between a successful business and one which is in financial trouble walks a fine line. A part of Carter & Carter, APLC’s over all business or personal financial consulting for clients, is the discussion of bankruptcy, and options. Major U.S. Industries are experiencing unprecedented job losses and layoffs, and as a result the bankruptcy legal industry has seen a major growth. Carter & Carter, APLC has been there to advise their clients on the options of Chapter 7 or 13 and what best suits their needs.

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In a Chapter 7 bankruptcy typically all our your unsecured credit card debt, medical bills, personal loans, debts from vehicle repossession are eliminated. In many instances the assets you have may be protected under federal bankruptcy exemptions laws. If all of the assets that you hold are protected under bankruptcy laws then creditors will receive nothing in a Chapter 7 bankruptcy and if you qualify you will receive a discharge of your debts.

In Chapter 13 bankruptcy a 36 month to 60 month payment plan is prepared to reorganize your debts to help you make payments to creditors within that time period. A Chapter 13 eliminates a major portion of all your debts. Generally, all your unsecured debt is wiped away clean, while a only portions those secured debts, including late mortgage payments and arrearages, are paid back to the creditor. You can also strip away a second and third mortgage against your residence.

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