Bankruptcy FAQ's

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Bankruptcy is a legal process and financial planning tool that is designed to help consumers eliminate their debts (Chapter 7) or repay them through a payment plan (Chapter 13). Our law firm has extensive experience with both Chapter 7 and Chapter 13 bankruptcies. 

Chapter 7 bankruptcies are "traditional bankruptcies" that allow you to ask the bankruptcy court to discharge most or all of your debts. In exchange for this discharge, the bankruptcy trustee is allowed to take any property you own, that is not exempt, and sell it to pay back your creditors. 

In a Chapter 13 bankruptcy, you are filing a payment plan with the courts to pay back some portion of your debts over a period of time, typically 36 to 60 months. The amount you'll need to pay depends on your income, the property you own, and the types of debts you owe.  

You must meet certain eligibility requirements to file for Chapter 7, the main one being that your income cannot be higher than the median income of a family of your size in your state. 

If your income is higher than the state median, you may rebut the presumption that you have an ability to pay a portion of your debt or you you may need to file for a Chapter 13. 

If you meet the eligibility requirements for either chapter, our attorney can help you find out which option is best for you.

• Schedule a consultation with Mr. Tancredo: We offer Free bankruptcy consultations in-person and through Zoom. 
• Complete your Credit Counseling Course: This is a simple education course required by the United States Bankruptcy Code.
• Planning and Filing:  Upon careful consideration, Mr. Tancredo will advise Chapter 7 or Chapter 13 for your individual situation and begin the filing process. The length of this process is different for every client, but we strive to keep the process moving quickly while keeping you up to date along the way.  
• Life after Bankruptcy:  After filing, our clients feel an overwhelming sense of financial relief, as they are finally able to take back control! 

While we cannot give you specific advice without learning your unique situation, we have learned that it is always best to act early when you are feeling overwhelmed or stressed by your finances. 

For more than 20 years, our firm has practiced bankruptcy and has seen many clients succeed financially after filing. Bankruptcy is not a sign of financial failure, but a way to get back on track. Call our office today to learn how we can help you.