What is Board Certification in Consumer Bankruptcy?
 

When an attorney is certified by the American Board of Bankruptcy Certification, it means that he has undergone an extensive examination of his bankruptcy knowledge and litigation experience, and that his skills are recognized by other bankruptcy professionals as highly competent. Only 1% of practicing attorneys are board-certified in consumer bankruptcy.

What is a Wage Earner's Arrangement?

A Wage Earner's Arrangement, also known as Chapter 13 debt reorganization, is an alternative to outright bankruptcy. It is not a loan, but a solution to consolidate debts into one low monthly payment that you can afford. This is a solution generally approved by the court, regardless of whether creditors like it or not. This typically allows you to keep your home, car, and all other property.

What is a Straight Bankruptcy?

If you are unable to make any meaningful payments back to your creditors, you may qualify for straight bankruptcy, known as Chapter 7. Chapter 7 allows you to discharge, which means you will get rid of and do not have to pay back debts, bills and other financial obligations and keep all your property that is exempt under State or Federal law. Creditors can no longer call you, and you might be able to get new credit fast.

Misconceptions about Bankruptcy

The most common misconception is that by filing bankruptcy you will never be able to buy a house or car. THIS IS NOT TRUE. There are thousands of FHA and V.A. assumable loans and there are many realtors that specialize in this area. Credit is not a factor. You will be able to establish new credit and start over.