“The development of bankruptcy legislation has been toward relieving the honest debtor from oppressive indebtedness and permitting such a debtor to start afresh.” Wright v. Union Central Life Ins. Co., 304 U.S. 502 (1938).

What we do:

Every American is entitled, by law, to a clean start and freedom from “oppressive debt.”

Valor Law Group, P.C. can guide you through the difficult process of bankruptcy and help you find relief from the stress, anxiety, and hardships of debt with Chapter 7 or Chapter 13 bankruptcy. Whether you have debt from job loss, medical problems, divorce or any other reason, we are prepared to give you hand and help you “start afresh.”

How we do it:

Bankruptcy representation is available to all clients who enroll in our comprehensive forensic mitigation program.  The first step in the process will be to set  up a preliminary meeting with one of our attorneys, which will enable us to assess your specific situation and goals.  This is normally done via phone conference, however in person meetings can be arranged on a case-by-case basis.

We will discuss the pros and cons of pursuing relief under a specific chapter of bankruptcy. You will learn more about your options, including ways to avoid bankruptcy, and be able to make an informed decision.

Once you decide to retain Valor Law Group, we will provide you with a list of documents needed to argue your case. Once these are collected we will carefully go over the case with to make sure you understand everything before you have to sign.

After filing, we will continue to help guide you through the process and ensure that your rights are protected. We will not abandon you after the initial filing like many other law firms

After the process is completed you are ready to start afresh, debt and stress free.

To find out more information, call us at 800-381-6327.

Chapter 7

A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor’s nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code. Part of the debtor’s property may be subject to liens and mortgages that pledge the property to other creditors. In addition, the Bankruptcy Code will allow the debtor to keep certain “exempt” property; but a trustee will liquidate the debtor’s remaining assets. Accordingly, potential debtors should realize that the filing of a petition under chapter 7 may result in the loss of property.

(Source:www.uscourts.gov)

Chapter 13

A chapter 13 bankruptcy is also called a wage earner’s plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. If the debtor’s current monthly income is less than the applicable state median, the plan will be for three years unless the court approves a longer period “for cause.” (1) If the debtor’s current monthly income is greater than the applicable state median, the plan generally must be for five years. In no case may a plan provide for payments over a period longer than five years. 11 U.S.C. §1322(d). During this time the law forbids creditors from starting or continuing collection efforts.

This chapter discusses six aspects of a chapter 13 proceeding: the advantages of choosing chapter 13, the chapter 13 eligibility requirements, how a chapter 13 proceeding works, making the plan work, and the special chapter 13 discharge.

Chapter 13 offers individuals a number of advantages over liquidation under chapter 7. Perhaps most significantly, chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time. Nevertheless, they must still make all mortgage payments that come due during the chapter 13 plan on time. Another advantage of chapter 13 is that it allows individuals to reschedule secured debts (other than a mortgage for their primary residence) and extend them over the life of the chapter 13 plan. Doing this may lower the payments. Chapter 13 also has a special provision that protects third parties who are liable with the debtor on “consumer debts.” This provision may protect co-signers. Finally, chapter 13 acts like a consolidation loan under which the individual makes the plan payments to a chapter 13 trustee who then distributes payments to creditors. Individuals will have no direct contact with creditors while under chapter 13 protection.

(Source: www.uscourts.gov)

An Overview of Debt Defense Services

Valor Law Group’s comprehensive Enhanced Legal Services Program in some instances, includes Debt Defense.  Debt defense is legal representation that covers the attorney’s fees if a consumer is sued or forced into arbitration in connection with one of the accounts they have enrolled in Forensic Mitigation.  It includes additional efforts to settle a matter that has turned into a lawsuit or arbitration, filing an answer to a complaint if no settlement takes place, preparing discovery if no settlement, or possibly handing trial work.  Debt defense does not include appeals.

To find out more information, call us at 800-381-6327.