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​​​​Bankruptcy

 

VJ Law Firm assists individuals and small businesses with Chapter 7 & Chapter 13 filings, and debt negotiation. Following are some frequent bankruptcy related questions we hear from our clients:

 

What is Bankruptcy?

Bankruptcy filing offers you a fresh start, when you are stuck in an insurmountable amount of debt and must take legal measures to help rectify ypur financial burden. VJ Law Firm has extensive experience in assisting several clients in bankruptcy filing process.

 

Who can file for Bankruptcy?

Any person or business entity owing money to a creditor can file a bankruptcy petition. There are some circumstances that can prevent you from filing for Chapter 7 bankruptcy. For instance, if you have had a petition for bankruptcy dismissed within the last 180 days, you are not eligible to file for bankruptcy. Please contact us for a free 30 minute consultation and we'll help determine your eligibility.

 

What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy allows you to eliminate or reduce most or all of your debts in exchange for giving up your non-exempt property. When you can’t pay bills like credit cards, medical debt, or loans, Chapter 7 might allow you to be discharged of your legal obligation to pay many of your debts and give you a fresh start in few months.

 

What is the Chapter 7 Bankruptcy Means Test? 

The Chapter 7 means test is a qualifying test that you must pass to be eligible to file under Chapter 7 of the U.S. Bankruptcy Code. The means test measures income and debt levels to determine eligibility for filinf Chapter 7 bankruptcy. The test involves several calculations, the most important being a comparison of your family’s projected annual income to the median income of a family your size and if you have no income after deducting your secured debt, you may qualify for Chapter 7 bankruptcy. Private student loans and other government loans are generally not dischargeable under Chapter 7.

 

What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy, often called a "wage earner" bankruptcy, can help you prevent home foreclosure and rebuild your financial well-being. In this type of bankruptcy, we help you develop and propose a three to five-year repayment plan to the bankruptcy court, based on what you can afford to pay. At the end of the plan, your debts are paid off. If you can pay a portion of your debts but not all of them, or you can’t pay in the manner that your creditors want or as fast as they want, then a Chapter 13 bankruptcy can help by reducing and reorganizing the debts that you must pay.

 

What is the advantage of Chapter 13 Bankruptcy?

Chapter 13 bankruptcy offers individuals a number of advantages over liquidation under Chapter 7 bankruptcy. A Chapter 13 bankruptcy stops creditor collection actions such as foreclosures, repossessions, and wage and tax garnishments. Chapter 13 bankruptcy may also let you to keep your property by allowing you to make up missed payments and pay off certain debts through the bankruptcy repayment plan. Don't let embarrassment or fear stop you from asserting your legal rights. Bankruptcy laws exist to help good, hard-working, honest people like you through difficult and trying periods.

​​Testimonials


"I am very happy that Shashi Vijay assisted me in my bankruptcy case and that my expectations were exceeded. Shashi is very professional, nice, attentive and is always willing to give her 200%. Shashi helped me through the stressful phase and was always there when I needed her" - Maria​

 

"All of my expectations were exceeded by Shashi Vijay! Everything has been handled professionally and timely, from the very 1st phone call she has been responsive and available, and clearly advised me on how best to handle my situation. I have found trust and confidence in her abilities and advice, and I recommend her to others in need of representation. " - Patrick


 

Additional Resources

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