Maine Consumer Protection Under Bankruptcy Chapters
When you are in need of individual or small business debt relief services, look no further than the Law Office of J. Scott Logan, LLC, in Portland for pursuing viable debt settlement options. I am J. Scott Logan, and my law firm’s exclusive focus for more than 15 years has been helping my clients get back on track to financial stability. During this time, I have successfully assisted residents throughout Maine with professional and knowledgeable legal representation, making it possible for my clients to protect themselves, their assets and their financial future.
A Brief Look At How Can Bankruptcy Help You
Filing for bankruptcy may sound like the ultimate debt relief answer; however, not everyone will qualify for filing bankruptcy. It is a complex procedure that must be done right the first time. If you are not honest with the court, miss a step or refuse to complete credit counseling, you risk the court’s dismissal of your case. You will not be able to file again for a number of years, which depends on which chapter of the Bankruptcy Code you filed under. Let’s look at an overview of the several types of bankruptcy chapters:
Chapter 7 bankruptcy: This 90- to 120-day process discharges most debts. It is primarily used to eliminate credit card, medical, and utility debts and personal loans. Most property can be protected during this process.
Chapter 13 bankruptcy: Chapter 13 is a three- to five-year repayment plan, in which you repay what you can afford to your creditors. It can also be used to eliminate second mortgages, repay income tax debt while eliminating most penalties and freezing interest, or “cram down” debt to the value on many cars or business equipment. Some people use it to protect property that can not be protected in Chapter 7.
Chapter 11 bankruptcy: Chapter 11 bankruptcy is similar to Chapter 13 in that you repay what you can afford over three to five years. Unlike Chapter 13, it is available to individuals with more than a certain amount of unsecured debt and to businesses seeking to reorganize.
Chapter 12 bankruptcy: Chapter 12 is available to family farmers and fisherman. It offers greater benefits that Chapter 13. Particularly, it allows people to modify their loans by changing terms and potentially stretching out their repayment. Critical changes have occurred in Maine law advantageous to fishermen and farmers since my firm successfully pushed for changes to the law in 2014.
Speak With A Bankruptcy Attorney Today
If you are in need of help with credit cards, income taxes, student loans, or foreclosure, then give me a call today at 207-613-8590 to arrange for your free initial consultation. Among other things, we will discuss my rates, mandatory court filing fees for the various bankruptcy and the cost of credit counseling fees.
Law Office of J. Scott Logan, LLC, is a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.