Mcdonald Law Office

read moreChapter 7, is also called straight or liquidation Bankruptcy. The court appoints a Trustee who may liquidate or sell some things that you own to pay your creditors. Most of your debt will be canceled, but you may choose to pay some creditors, usually to keep a car or home in which the creditor has a lien. Chapter 13 is also called Debt Adjustment. Most of your debts are reorganized into a single monthly payment. The payment will continue for 36 to 60 months. You do not have to repay all of your debt.

read moreCaution: This timeline does not include all bankruptcy events. It is a summary description of bankruptcy and may not be accurate under all circumstances. You should consult a qualified attorney to see how the law will apply to your situation. Who or what is a debtor? The debtor is the person or other entity that has filed the bankruptcy, and owes money to the creditors. A debtor cannot receiving a discharge under Chapter 7 if he or she received a discharge in a Chapter 7 or Chapter 11 bankruptcy which was filed within 8 years before the present case is filed.

read moreThese questions and answers are not intended as legal advice or as a statement of the law. They are intended to suggest areas which you should discuss with your attorney. Although Bankruptcy law is Federal code applicable to all states, the way it is applied may depend upon state law and varying practices of the courts, trustees, and even attorneys. As a result, some of these answers are directly applicable only in cases filed by our office in Arizona.

read moreBefore we start any case, we give our clients a written statement of all fees and costs for the services which will be provided. The exact fees for any case will depend upon the circumstances and can only be given in a conference with your attorney. You may call our office for a fee range.