Individual Bankruptcy

The United States has some of the most liberal bankruptcy laws in the developed world. The reason: we don’t have the European social safety net model, and our lawmakers realized long ago that debtor’s prison doesn’t make sense. If someone can’t pay his bills, the law allows him to go to court, turn his pockets inside out, and walk away with no debt. ¬†An individual bankruptcy.

But the law can be complicated. Some debts can’t be discharged; some assets can be kept. Most debtors can file a simple case under chapter 7 of the code; some, with more income or with particular mortgage issues may want to file a chapter 13, involving five years of debt repayment at a reduced rate. Other debtors may qualify for a chapter 12 (family farmer) or chapter 11 (business reorganization). At Faucher & Associates, we know how the law works, and we know the people who administer the law. Please call us if you have a debt problem.



More than 70 discharges entered in no-asset cases, that is, cases in which the trustee finds no assets