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Clear out debts 

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Creditors hounding you for payments?  Whether you are a renter or owner, getting behind on bills can feel like a snowball effect that impacts every aspect of life from transportation to housing. What started out as one late payment somehow turned into ignoring all communication for far longer than socially acceptable. If only there was a way to make the creditors leave you alone. 


How can bankruptcy make bill collectors stop calling? An automatic stay comes into play after filing. Creditors cannot make actions against the debtor. Instead of dealing with debt collectors, you can choose to discuss your case with an attorney. Sign up now to stop creditors from contacting you.

 Bankruptcy allows you to:

Ch 7 vs 13

The purpose of bankruptcy is to clear as much debt from your name as possible. Many debts, such as credit card or medical debt, can be discharged in this way. Meaning you will not have to pay them back in the future. This usually results in a hit to your credit score, but with the benefit of being able to retain much of your property and your home. 


Bankruptcy may require selling some of your possessions. However, unlike most repossessions, this is a civil and negotiated process. Certain possessions may be exempt, such as your house, furniture, car, or work tools. Bankruptcy is not merely selling all of your possessions- it is a thoughtful and mediated process. One where we work to ensure you are able to continue your life with a fresh start.

Chapter 7 is what most people are thinking about when discussing bankruptcy.

CH 7

Chapter 13 is closer to organizing a payment plan rather than selling assets.

CH 13

There are two types of bankruptcy for individuals: Chapter 7 and Chapter 13. The Law Office of Christopher Szeto will carefully analyze your situation and suggest which option is best for your specific case. Both offer the potential of discharging almost all of your debt. Each has its own requirements, advantages, and disadvantages we are happy to walk you through.

WHAT ELSE SHOULD YOU CONSIDER?

Pros and Cons of Bankruptcy Chapters

Chapter 7

  • Chapter 7 is what most people are thinking about when discussing bankruptcy. 
  • Certain non-exempt assets may be sold to pay towards your creditors, with certain assets being exempt, like your home, car, or work-related tools. 
  • Once the assets are sold, the remaining non-exempt debt is discharged. 
  • This is the best method to quickly get a fresh start and avoid repaying debts you may have incurred. 
  • The bankruptcy will remain on your credit report for 10 years, but you will not have to worry about the discharged debts otherwise.

Chapter 13

  • Chapter 13 is closer to organizing a payment plan rather than what most people think of when discussing bankruptcy.
  • Typically we will negotiate a repayment plan with the court, in which you agree to repay some or all of your debt, often with your debt being reduced. 
  • At the end of the repayment plan, all nonexempt debts will be discharged. 
  • So long as you follow the payment plan, you should be able to retain most, if not all, of your assets. 
  • Chapter 13 usually has less of an impact on your credit score, remaining on your credit report for only 7 years. 

Society as a whole has a negative view of bankruptcy. People seem to think it is the same thing as failure, or indicative of financial irresponsibility. However, this is not the case. Bankruptcy is a valid and intelligent financial move for those who are saddled with debt. Many people have declared bankruptcy in their path to success: 

  • Walt Disney
  • Burt Reynolds
  • David Bowie
  • Ulysses S. Grant
  • Henry Ford
  • Nicholas Cage
  • Abraham Lincoln.

Declaring bankruptcy may be your first step to financial success. Do not let your debts continue to weigh you down. Achieve financial freedom and file for bankruptcy.

What are your options for handling debt?

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The Law Office of Christopher Szeto

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Avoid risk of procedural error costing the case or worse (i.e. prosecuted for fraud)

Awareness of all exemptions, the means test, and deductions owed by law

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Rest easy knowing your financial future is secure

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