Hammerschmidt, Stickradt & Associates, P.C

Services

Hammerschmidt, Stickradt & Associates specializes in debt counseling and Chapter 7 and Chapter 13 Bankruptcy. The lawyers at Hammerschmidt, Stickradt & Associates will analyze you debt and discuss the various legal options that are available to you. Two of the best options for dealing with serious financial problems are filing either Chapter 7 or Chapter 13 Bankruptcy. Both Chapter 7 and Chapter 13 will relieve you of your obligations and provide you with a solution to your debt dilemma. However, Chapter 7 and Chapter 13 each have their strengths and weaknesses and one may fit your needs much better than the other depending on your situation.

What is Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy allows you to get rid of most of your debts and can provide you with a clean fresh start on life. In Chapter 7 most assets are liquidated to pay your debts but you will be able to keep your personal property- things like clothing, household items and jewelry. In addition, certain assets are protected under federal and state law including your 401k plan and pension. Chapter 7 has certain income requirements and regulations that make this a great option for some people.

What is Chapter 13 Bankruptcy?

Chapter 13 Bankruptcy is a reorganization of your debt by the court into a reasonable payment plan that will allow you to repay a portion of your debt over a period of 3-5 years. Chapter 13 Bankruptcy can be an excellent option for someone who has substantial assets but is currently going through a rough period due to things like divorce, medical issues or the loss of employment.

Filing either Chapter 7 or Chapter 13 Bankruptcy will stop creditors from hassling you and will stop them from garnishing your wages or repossessing your car. Your lawyer and the court will protect you. The relief from the emotional strain alone is well worth an initial consultation to see if Bankruptcy is the right alternative for your situation. Call Hammerschmidt, Stickradt & Associates today to set up an appointment or have a free phone consultation with one of our attorneys (800) 466-2323.