Attorney Husain focuses his bankruptcy practice by helping individuals get a fresh start by filing for bankruptcy under Chapters 7 and 13 of the Federal Bankruptcy Code. Chapter 7 is what is sometimes referred to as a straight liquidation. Under Chapter 7 unsecured debts are eliminated. Unsecured debt is debt that is not secured by actual property, such as a car or house. This debt will include payday loans, credit card debt, medical bills and sometimes tax debt. In order to qualify for Chapter 7 debt liquidation you must first pass the means test that is required by the U.S. Bankruptcy Court. This is a test which determines your financial health and your ability to repay your debts. Also, you may not file another Chapter 7 bankruptcy within 7 years of your previous filing. Chapter 13 Bankruptcies are typically referred to as a reorganization bankruptcy. This is because it enables you to reorganize your debts into a repayment plan. This plan can last anywhere between 3 and 5 years depending on your specific situation. So for example, if you owe $10,000 on overdue mortgage payments, this past debt will be divided over the term of the repayment plan. One of the major benefits of a Chapter 13 bankruptcy is that it enables you to maintain ownership of your property while your finances are brought under control.
If you are facing serious financial problems, overwhelming tax debt, experiencing harassing phone calls or letters, receiving threats of lawsuits, repossession and garnishment, or are concerned about mortgage foreclosure, you need an experienced bankruptcy attorney on your side. Contact Attorney Husain today to schedule a consultation. He will conduct a thorough review of your financial situation, identify your circumstances, and determine whether filing for Chapter 7 or Chapter 13 bankruptcy may be an appropriate action for you. Attorney Husain has been named as a "Top Bankruptcy Lawyer" by Main Line Today.