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Compassionate, Effective Bankruptcy Services for Southern Maine

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You deserve compassionate and expert service to help you find the best solution.
Any bankruptcy is an emotionally tough process. We are here to help you put your life back together as soon as possible.

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Bankruptcy Specialties Get back on financial track

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Chapter 7

Chapter 7 is the most basic and simple form of bankruptcy. The whole process takes about 90 days to complete. Usually you can keep your residence and car and just keep making payments on them. You qualify for this type of relief if you do not have extra income in your budget each month after paying your necessary and reasonable living expenses, and if you do not have non-exempt assets of value that you want to keep.

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Chapter 13

Chapter 13 is the second kind of bankruptcy most often used by individuals. It is sometimes called a “wage earner plan” because you need regular income to make payments to a trustee. Chapter 13 is appropriate if you are behind on a mortgage or car loan, or if you have enough income to pay some but not all of your debts. You make payments under a “plan” for a period of up to 5 years, and at the end of your plan any remaining balance of your dischargeable debts will be wiped away. Chapter 13 can be used by an individual who operates a small business.

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Chapter 11

Chapter 11 is for individuals with debts too large to file a Chapter 13, and for business entities that want to reorganize. It is more complicated than the Chapter 13 reorganization, but it can accomplish great changes. Chapter 11 is available for small business as well as large. If you think you might need a Chapter 11, call my office to set up a consultation to discuss your situation.

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Chapter 12

In a Chapter 12 proceeding, in addition to being able to catch up on payments over time, you may be able to reduce the amount owed on your residence to the market value of the property, and change the terms of your mortgage, including the interest rate and monthly payment. To qualify for Chapter 12, there are a few special requirements. For instance, more than 50% of your gross annual income must come from farming or fishing, and at least 80% of your debts (leaving aside debts on your principal residence) must be the result of the operation of the business.

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