Grace Law Offices, LLC will help you navigate the bankruptcy process.

If you’re unable to pay off mounting debt, bankruptcy may be the solution. At Grace Law Offices, we can work with you to review your current financial situation and determine whether bankruptcy would be an appropriate next step. Bankruptcy can be a complicated process, and it’s important to have a competent, organized professional by your side.


Chapter 7 – liquidation bankruptcy

If you’re eligible, chapter 7 bankruptcy can help you obtain a court order through which many types of debts are discharged (no longer have to be paid). Before discharge can take place, a trustee appointed by the court gathers and sells any nonexempt property. The proceeds from the sale are paid to the creditors, while you are able to keep any “exempt” property.

Examples of exempt property:

  • Real estate such as a residence – up to a designated value
  • Personal property – up to a designated value
  • Trade or professional tools
  • Social security, veteran’s benefits, disability, illness or unemployment benefits

Reason debtors choose chapter 7 bankruptcy:

  • Most of their property is exempt
  • Debts are fully discharged after any liquidation takes place
  • Who can file?
  • Individuals
  • Businesses


Chapter 13 – adjustment of debts

If you’re eligible, chapter 13 bankruptcy can allow you to enter into repayment of all or part of your debt over 3 to 5 years. This can be a good plan if you have a steady source of income, but only have the ability to pay off a portion of your current debts.

Reasons debtors choose chapter 13 bankruptcy:

  • They make too much money to qualify for chapter 7 bankruptcy.
  • They have debts that are usually not dischargeable under chapter 7 but can be structured into the repayment plan under chapter 13 (student loans, tax debts)

Who can file?

  • Individuals

Bankruptcy Resources

US Bankruptcy Court:



Grace Law Offices, LLC is a designated a debt relief agency by an Act of Congress and the President of the United States because we assist consumers in seeking relief under the U.S. Bankruptcy Code.