| What is Chapter 7/13 |
WHAT: Bankruptcy is a legal process that provides relief to many individuals who can no longer pay all of their debts.
WHO: Any individual who has debt is eligible to file for bankruptcy. Whether bankruptcy is right for you, and which Chapter would be most beneficial to you is something to speak with a qualified attorney about.
WHEN: NOW- The first step to bankruptcy is to contact an attorney and schedule a FREE LEGAL CONSULTATION. Once you have provided your attorney with the information needed to prepare your filing, you can begin the process.
WHERE: You will need to file your bankruptcy in the United States District where you currently reside, or where you have lived the longest of the last six months.
WHY: Many people file for many different reasons. Some common reasons are loss of employment, decreased income, large amounts of credit card debt, past foreclosure or repossessions, to prevent a foreclosure or repossession, tax debts, divorce, and many other personal reasons. |
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| Chapter 7 Bankruptcy |
Chapter 7 Bankruptcy, also known as "liquidation," is a legal process by which most unsecured debts can be discharged, or wiped out. Chapter 7 bankruptcy is known as liquidation because any non-exempt assets the debtor has may be liquidated (sold) by the trustee for the benefit of creditors.
Many Chapter 7 bankruptcy debtors have no non-exempt assets, and so there is no liquidation, (meaning you do not lose any of your property) and unsecured debts are simply discharged. There are, however, certain unsecured debts that are not dischargeable in Chapter 7 bankruptcy. Speak to a qualified attorney to determine how your assets will be affected. Simply fill out the FREE LEGAL EVALUATION form and an experienced attorney will contact you.
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| What is Chapter 13 |
Chapter 13 Bankruptcy is a full or partial repayment plan administered by the bankruptcy court. The debtor submits a plan for approval and, when a plan is approved, makes monthly payments to the bankruptcy trustee. The trustee makes payments to creditors in accordance with the terms of the plan. The repayment period ranges from 3-5 years. At the end of the repayment period, if all payments have been made according to the plan, remaining unsecured, dischargeable debt may be discharged. |
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| FREE Evaluation! |
