Bankruptcy

We represent consumers in helping them obtain a fresh start through bankruptcy protection and other non- bankruptcy alternatives. Whether you have questions about the bankruptcy process to determine if it is the right choice for you, or you are ready to file, Mill Stone Legal Group will answer your questions and provide hands on legal representation throughout the entire process. Our goal is to make the process as simple and painless for you, while protecting your assets under allowable state and federal exemptions.

CHAPTER 7 – “LIQUIDATION”

A Chapter 7 bankruptcy is also known as liquidation, where the trustee liquidates or sells your non-exempt assets and discharged your debts. start with a clean slate as soon as the bankruptcy is discharged. The process can take as little as three months from start to finish and our attorneys will guide you through the process. In Florida, the law has very generous exemptions and in most cases you can keep your homestead property regardless of the amount of equity you have in your property. A Chapter 13 bankruptcy is a process where you make payments to the trustee over a period of three to five years. Once you complete your plan, your remaining debts will be discharged.

CHAPTER 13 – “REPAYMENT”

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A Chapter 13 bankruptcy is the process where you make payments to the bankruptcy trustee over a period of three to five years. Once you complete all the payments due under the bankruptcy plan, your remaining debts are discharged.

There are numerous advantages to filing a Chapter 13 bankruptcy, including but not limited to the following:

  • You can’t qualify for a Chapter 7 because your income is too high
  • You want to keep your home but can’t make the required payments to bring the mortgage current
  • You can force the bank to participate in the Mortgage Modification Mediation Program to modify your mortgage
  • You can repay non-dischargeable debt such as IRS debt without paying interest or penalties
  • You have non-exempt assets that you want to retain

A Chapter 13 bankruptcy is most commonly used as a tool to save your home from foreclosure. Whether you have fallen behind on your mortgage payments due to a loss of job, medical reasons or encountered one of life’s unforeseen curve balls, a Chapter 13 bankruptcy will allow you time to repay the arrearages and get back on your feet. You can also force your lender to the table to negotiate a loan modification conducted by a neutral mediator.

ADVANTAGES TO FILING BANKRUPTCY

Once you file for bankruptcy protection, all creditors must stop all collection activity, including collection calls, wage garnishments, bank levies, foreclosure sales, litigation suits, tax sale, etc.

Through bankruptcy you can remove judgment liens, and in certain instances, a 2nd mortgage from the title of your property

Any debt that is forgiven outside the bankruptcy arena is recognized by the IRS and income and you will be taxed on that amount. Debt relief through bankruptcy is tax free and not taxes as income.

Bankruptcy provides immediate relief from your creditors to allow you breathing room. Once you file for bankruptcy everything stops, including lawsuits.

Through bankruptcy you can require your mortgage company to consider you for a loan modification

Through bankruptcy you can extend the time you need to complete a short sale. You can also initiate a short sale and have one of our attorneys negotiate and sell your property for you while in bankruptcy protection.

If you are experiencing financial difficulty, facing an imminent foreclosure, have considered filing bankruptcy in the past or just seeking information on your available options, call us now at (754) 227-1610, or send an email to our offices in Florida, New Jersey or Pennsylvania at info@millstonelegal.com to arrange a free consultation with one of our lawyers.

The Truth and Myths about Bankruptcy

Truth: In most cases, CREDIT SCORES IMPROVE and you can:

1. Purchase a home in 2 years (FHA Financing)!

2. Finance a vehicle at Discharge (Replace Vehicle)!

3. Obtain credit cards at Discharge!

Truth: Federal law makes it illegal for anyone to discriminate against you because of bankruptcy. Although filing for Bankruptcy is public information, it is not published in the papers and other media, and takes considerable time and effort for anyone other than your creditors to know you filed.

Truth: The BAPCPA Bankruptcy Amendments actually make it easier to qualify for bankruptcy in many cases!

Truth: As long as you stay current on your mortgage and/or car payments, you will keep your house and car in almost all cases.

Truth: Bankruptcy increases the credit score for 90% of our clients since the elimination of debt has a positive effect on FICO scores.

Truth: There is no debt minimum to filing for bankruptcy. We have filed for people who owed less than $2,000.00 and people who owed over $2,000,000.00! If you cannot afford to pay off your debts in the near future with what you make now, the amount doesn’t matter!

We are a debt relief agency. We help people file for
bankruptcy relief under the Bankruptcy Code.