Your Financial Dilemna
If you are on the brink of the financial abyss or if your mountain of debt can no longer be scaled, we can put you on a path to a more secure and brighter future. If you are being garnished, sued, foreclosed, harassed, intimidated, threatened or humiliated by your creditors, we can stop them. If your home is being foreclosed, we can save your home with a court supervised repayment schedule. If your debt is causing you stress, anxiety, sleeplessness or panic, we can bring you peace of mind. Dealing with unmanageable debt in an unforgiving economy may have you wondering which way to turn.
Your Wyoming Bankruptcy Attorney
The Wyoming Bankruptcy Law Firm of George L. Arnold, P.C., will give you the information you need to choose the best course of action. If you decide to file a Wyoming bankruptcy under Chapter 7 or 13, you can rest assured that the experience of Wyoming Bankruptcy Attorney George L. Arnold, garnered from 2100 Wyoming bankruptcy filings and 25 years of specializing in bankruptcy, will allow him and his staff to provide you with the compassionate, competent and skillful bankruptcy representation you are entitled to. We are motivated by excellence in serving your best interests. Consider joining the many Wyoming bankruptcy clients that Wyoming Bankruptcy Attorney George L. Arnold has represented from Evanston to Riverton and Casper, Green River to Rock Springs and Rawlins, Star Valley to Kemmerer and Pinedale, Jackson to Douglas and Hanna and all points in between. On your journey to financial independence, you deserve nothing less than the proven, premier legal representation of George L. Arnold, your dedicated Wyoming Bankruptcy Attorney.
Helping Clients in Chapter 7 and Chapter 13
Bankruptcy is a complex area of law that requires extensive knowledge and experience to reach the best outcome for each client’s unique situation. If, after consultation with your Wyoming Bankruptcy Attorney, you decide to file for bankruptcy, you will file under either Chapter 7 or Chapter 13.
Chapter 7 Bankruptcy Relief
This is most common and preferred bankruptcy filing. With Chapter 7 bankruptcy, you are discharged of your debt 60 days after you and your Wyoming Bankruptcy Attorney meet with the trustee. The term “discharge” means you are no longer obligated to pay your unsecured debt, such as credit card bills, medical bills, deficiencies from foreclosure or repossession and signature loans. There are some exceptions to discharge, such as most student loans, child support, some tax debt and debt owed due to fraud or operation of a motor vehicle while under the influence. In Chapter 7, you have the option of deciding whether to retain and continue to pay loans secured with property or whether to stop making those payments and surrender the property, such as a house that is mortgaged or a car that is secured. Even though Chapter 7 is referred to as a “liquidation” bankruptcy, in most instances, you keep most, if not all, of your property because the property is either secured or exempt. The term “exempt” refers to property you own free and clear that the trustee may not liquidate. You must comply with any lawful directives issued by the trustee.
Chapter 13 Bankrutpcy Relief and Chapter 13 Plan
While Chapter 7 is preferred by most clients, Chapter 13 bankruptcy offers major advantages over soldiering on without bankruptcy protection. These advantages include: stopping collections, suits or garnishments; prohibiting any more penalites or interest charges, which may be over 30% on credit cards; requiring creditors to file proofs of claim, which often they do not, to your considerable advantage; discharging certain debts that can not be discharged in Chapter 7; giving priority to child support or tax debt by allowing these to be paid in full before any payment is made to your other unsecured creditors; and requiring payments to non-priority, unsecured creditors to be no more than what your disposable income allows, even as little as 5 cents on the dollar. In Chapter 13, your goal is to have your Chapter 13 plan confirmed by the Wyoming Bankruptcy Judge. The plan’s duration is between three to five years depending on your household income. You must make monthly payments to the trustee based on the amount of your disposable income. After your last payment, you will be discharged of your debt, even if you have paid less than the full amount owed. Child support and taxes will be paid in full over the life of the plan.
You are required to file under Chapter 13, if your household income is above the median income in Wyoming for the same sized household or if you filed a Chapter 7 bankruptcy within the last 8 years. Even if not required, you may choose to file under Chapter 13, if you want to cure defaults on your home mortgage and avoid foreclosure, if you owe past due tax debt or child support or if you have substantial equity in your residence.