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approach every client with a focus on integrity, advocacy, and
understanding. We are here for you.
Bankruptcy protection is a legal option and may be available for your benefit and the well-being of your family.
We are a federally designated Debt Relief Agency under the United States
Bankruptcy Laws. We assist people with finding solutions to their debt
problems, including, where appropriate, assisting them with the filing of petitions for relief under the United States Bankruptcy Code.
Bankruptcy Laws. We assist people with finding solutions to their debt
problems, including, where appropriate, assisting them with the filing of petitions for relief under the United States Bankruptcy Code.
The Law Office of Michael Salanick is a full-service bankruptcy law firm dedicated
to helping you regain your financial independence. We know that money
problems are often the result of unexpected circumstances and
unforeseen events in your life, conditions which are often accompanied
by emotionally charged attitudes and tense situations.
Mr. Salanick is an experienced and compassionate attorney, trained to listen to your needs and the facts surrounding your own particular situation. With Michael's assistance and counsel, you will decide the best path forward, creating a comprehensive plan and determining the most appropriate legal strategy for reclaiming a healthy financial future:
Mr. Salanick is an experienced and compassionate attorney, trained to listen to your needs and the facts surrounding your own particular situation. With Michael's assistance and counsel, you will decide the best path forward, creating a comprehensive plan and determining the most appropriate legal strategy for reclaiming a healthy financial future:
- CHAPTER 7 BANKRUPTCY (LIQUIDATION)
- CHAPTER 13 BANKRUPTCY (REPAYMENT PLAN)*
- AVAILABLE FOR INDIVIDUALS, SPOUSES, SMALL BUSINESSES
- STOP FORECLOSURES IMMEDIATELY
- STOP WAGE GARNISHMENT ACTIONS
- STOP REPOSSESSIONS ACTIONS
- WIPE OUT MOST CREDIT CARD DEBT
- END COLLECTIONS HARASSMENT
- STOP MOST LAWSUITS
Chapter 7 and Chapter 13
Chapter 7: "Liquidation"
- Chapter 7 is designed for debtors in financial difficulty who do not have the ability to pay their existing debts. Debtors whose debts are primarily consumer debts are subject to a "means test" designed to determine whether the case should be permitted to proceed under chapter 7. If your income is greater than the median income for your state of residence and family size, in some cases, creditors have the right to file a motion requesting that the court dismiss your case under ยง 707(b) of the Code. It is up to the court to decide whether the case should be dismissed.
- Under chapter 7, you may claim certain of your property as exempt under governing law. A trustee may have the right to take possession of and sell the remaining property that is not exempt and use the sale proceeds to pay your creditors.
- The purpose of filing a chapter 7 case is to obtain a discharge of your existing debts. If, however, you are found to have committed certain kinds of improper conduct described in the Bankruptcy Code, the court may deny your discharge and, if it does, the purpose for which you filed the bankruptcy petition will be defeated.
- Even if you receive a general discharge, some particular debts are not discharged under the law. Therefore, you may still be responsible for most taxes and student loans; debts incurred to pay nondischargeable taxes; domestic support and property settlement obligations; most fines, penalties, forfeitures, and criminal restitution obligations; certain debts which are not properly listed in your bankruptcy papers; and debts for death or personal injury caused by operating a motor vehicle, vessel, or aircraft while intoxicated from alcohol or drugs. Also, if a creditor can prove that a debt arose from fraud, breach of fiduciary duty, or theft, or from a willful and malicious injury, the bankruptcy court may determine that the debt is not discharged.
Chapter 7 allows one to eliminate most forms of unsecured debt, such as credit cards, medical bills, and personal loans. Chapter 7 is a way for you to begin reestablishing your credit by reducing your debt to income ratio. With little or no remaining debt, lenders may feel that you will be better able to repay you debts in the future.
Chapter 7 bankruptcy is also one alternative for small business owners. The
essential benefit of a Chapter 7 bankruptcy is the automatic stay which
protects the small business from creditor action while the business dissolves.
Chapter 13: "Reorganization" (partial to full repayment)
- Chapter 13 is designed for individuals with regular income who would like to pay all or part of their debts in installments over a period of time. You are only eligible for chapter 13 if your debts do not exceed certain dollar amounts set forth in the Bankruptcy Code.
- Under chapter 13, you must file with the court a plan to repay your creditors all or part of the money that you owe them, using your future earnings. The period allowed by the court to repay your debts may be three years or five years, depending upon your income and other factors. The court must approve your plan before it can take effect.
- After completing the payments under your plan, your debts are generally discharged except for domestic support obligations; most student loans; certain taxes; most criminal fines and restitution obligations; certain debts which are not properly listed in your bankruptcy papers; certain debts for acts that caused death or personal injury; and certain long term secured obligations.