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Bankruptcy

The decision to file a bankruptcy is a difficult one, but we can help you demystify the bankruptcy process. Reading this overview prior to meeting with an attorney at The Law Office of Johnny J. Bardine, P.A., will help us concentrate on the specifics of your case.

BAPCA – The Bankruptcy Abuse Prevention and Consumer Protection Act

The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCA) was signed into law by President Bush on April 20, 2005. BAPCA is the law for bankruptcies filed on or after October 17, 2005.

The general purpose of BAPCA was to toughen the rules for individuals seeking bankruptcy relief, while also establishing additional requirements like pre-filing credit counseling and a debtor education course. The greatest complaint from debtors and their lawyers is that the additional requirements required by BAPCA have driven up the cost of filing bankruptcy by several hundred dollars. Even under the new law, bankruptcy still provides the exact same “fresh start” relief afforded to consumers struggling with their debt.

Types of Bankruptcy

Chapter 7

Chapter 7 Bankruptcy is also known as “liquidation” or “straight” bankruptcy. Chapter 7 is typically preferred for debtors who are current with their secured payments (e.g. mortgage and car note) but overwhelmed by unsecured debts (e.g. credit cards and medical bills).

Chapter 13

The Chapter 13 Plan is a written explanation of how the debtor intends to straighten out his financial mess. The plan describes how the debtor will pay priority and secured creditors in full or in accordance with the original contract terms. As long as the debtor makes all payments in accordance with the confirmed plan, he can remain under the protection of the bankruptcy court. The monthly plan payment is made directly to the Chapter 13 trustee, who disburses the money to creditors in accordance with the confirmed plan.

Who’s Involved

 

General Requirements

 

The Automatic Stay

The automatic stay is a federal court order which is imposed the moment a bankruptcy case is filed. It immediately freezes any effort by any creditor to collect any debt from the debtor. It stops foreclosures, garnishments, lawsuits, etc. If a finance company repossesses a debtor’s car before the debtor files for bankruptcy protection, the debtor cannot get the car back, but if the debtor files the bankruptcy before the finance company can repossess his car, then the automatic stay prevents repossession.

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Consumer Law

Consumers have rights. If you feel like you have been the victim of deceptive creditor practices or an unfair collection, schedule a free consultation with an attorney at The Law Office of Johnny J. Bardine, P.A. who will fight for you. The attorneys at The Law Office of Johnny J. Bardine, P.A., handle all manner of consumer law cases related to:

There are laws to protect you. The Law Office of Johnny J. Bardine, P.A. can help. Contact The Law Office of Johnny J. Bardine, P.A. today for a free consultation with an attorney.

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