Chapter 7 Bankruptcy is usually the quickest, least expensive, most simple way to get out of debt.  Most people pay less than 10% of their debt to file.  Most chapter 7s are $2500 OR LESS!  It is the most common form of bankruptcy. Most, if not all debts are discharged within months of your attorney filing a bankruptcy petition. Chapter 7 of the bankruptcy code allows debtors who are in need of discharging debts within a situation of financial emergency to become free and clear of these debts and to become able to begin a fresh new financial start.

The way Chapter 7 bankruptcy works is that a trustee is assigned to collect and to sell assets and non-exempt property to distribute the proceeds from these items to pay off creditors.  Most people’s property is exempt.  Exemptions are the things you can keep – there are A LOT of things!  In Chapter 7 the debtor receives a discharge from all dischargeable debts. These debts may not include child support, unfiled taxes and student loans under the filing of chapter 7 Bankruptcy.

Chapter 13 of the bankruptcy code gives debtors the opportunity to repay some or all of the debts that are in their name, in better terms, lower or no interest. Debtors have the ability to use income they have in the future to pay off creditors.

A time frame of 3 – 5 years is allotted for debtors to be able to pay of their creditors in full. Your attorney will safeguard your interests, while the entire process is carried out under court supervision. A new interest free plan is approved by the court, which allows debtors to repay their creditors and still retain all of their property, unlike Chapter 7 bankruptcy. A list of transactions and time duration is created for this process. Thirty days after the case has started, payments must begin to be made.

To know if Chapter 13 Bankruptcy is the right choice for your financial interests, you will first need to fill out an evaluation form as with all Chapters of Bankruptcy

There are many ways to deal with tax debt.  For one, most people don’t know that tax debt CAN be discharged in bankruptcy.  There are rules of course – for example, you must have actually filed the tax return at least two years ago; but getting rid of tax debt is easier than most people think.  There are also offers in compromise and even tax court, which is not nearly as scary as it seems.

Over the past three decades Misty has tutored, trained examinees for the bar, taught, been an adjunct professor and motivational/public speaker. Misty had designed and provided workshops and seminars on criminal law, family law, small business start-ups, entrepreneurship, career development, problem solving, crisis management, motivation, community activism and diversity to small – medium groups (5-83) in communities, at libraries, and organized events such as Ikea‘s Business and Wellness Conference, using interactive teaching styles and methods designed for culturally, linguistically, and academically diverse audiences.

Obama seldom gets credit to the work he did with student loans – but it is AMAZING! There are plans with zero repayment and complete forgiveness in 10 years! Seriously. Work for the city, government, a non-profit? You probably qualify for debt-forgiveness. There are several programs.

Income Based Repayment (IBR)
Pay as you Earn
Income Contingent Repayment (ICR)
Pay as you Earn
Income Based Repayment (IBR)
Loan Repayment Assistant Programs (LRAPs)

Insolvency of companies can brought about by huge debts, mismanagement and current economic trends. This is the underlying rationale for applying for business bankruptcy.

Business bankruptcy is a process by which businesses are given the chance under the federal court to get rid of debts or to repay debts under the protection of the bankruptcy court. A declaration of bankruptcy simply means that the business is incapable of paying his creditors.

A business declaring bankruptcy may opt for the chapter 7 where unsecured debts are removed or abolished to give the business a chance to start anew and to start the financial recovery. Chapter 13 on the other hand, provides a plan to pay secured debts.

Misty started handling personal injury cases before law school by working for the Law Office of Alan Sarkisian while in high school.  She settled her first personal injury case after she was in an accident. Two lawyers told her she would get nothing, and another told her to settle for the $500 the insurance company offered.  Testing her analytical, advocacy and negotiating skills,  Misty settled for 5 times the original settlement amount.   A whopping $2500!  Since then Misty has negotiated multi-party cases,  5 figure deals and structured settlements.  Now Misty accepts a few select personal injury cases each year – especially motorcycle cases.  As a motorcycle rider herself, Misty understands the particular needs of injured riders.