The United States Bankruptcy Code provides qualified debtors with a fresh start by allowing the discharge (wiping out) of most debts, while allowing the debtor to keep "exempt" property.

Frequently Asked Questions:

If I file bankruptcy will I have to give up my assets?
No. The U.S. Bankruptcy Code provides that a debtor may retain a long list of "exempt" assets, including substantial equity in the debtor's residence. However, if the asset is security for the debt, to keep the asset the debtor must continue to make payments on the secured debt. For example, if the debtor wanted to retain his house or car, regular mortgage or car payments would have to be made.

Can I file a Chapter 7 Bankruptcy to discharge credit card debts and still keep my house and car?
Yes. A Chapter 7 Bankruptcy will allow the discharge of unsecured credit card debt while permitting the debtor to retain equity in his house and car up to exemption limits. If the debtor has a house loan and/or a car loan, those payments must be paid as usual if the debtor wishes to keep those assets.

My house is in foreclosure. What can I do?
If you want to retain your house to save your equity, a Chapter 13 Bankruptcy may be the answer. If you qualify, a Chapter 13 Plan may permit you to pay your past due mortgage payments over a three to five year plan, thereby enabling you to keep your house.

What happens if I have equity in an asset which exceeds the allowable exemption amount?
If you want to keep the asset, often an equity buy back can be negotiated with the bankruptcy trustee or a Chapter 13 Bankruptcy may be appropriate.

Should I save attorney fees and go to a "paralegal" for help with my bankruptcy?
Absolutely not! Bankruptcy is a very serious federal court filing. You must sign these documents under penalty of perjury. It is absolutely essential that analysis of your case and preparation of the required documents be done correctly. The U.S. Bankruptcy Court prohibits non-attorneys from giving legal advice. Legal advice includes advising a debtor whether or not to file bankruptcy, whether or not a debt is dischargeable, and whether or not equity in an asset is exempt. Hiring a non-attorney to do your bankruptcy is being "penny wise and pound foolish."

Call the Jeffrey S. Ogilvie to schedule a free, confidential initial consultation. Mr. Ogilvie will discuss with you your debt situation, your rights under the U.S. Bankruptcy Code, and other debtor resolution strategies. There is no charge for this initial consultation.

*Pursuant to the U.S. Bankruptcy Code, I am a Debt Relief Agency, I help people file bankruptcy.