Bankcuptcy
Our firm helps people obtain a personal relief under the Bankruptcy Code.
Financial difficulties can arise for many reasons, such as loss of a job, death of a breadwinner or too many credit card purchases. Money problems can be emotionally wrenching and seriously damage family relations.
You may need the protection of the bankruptcy laws if you are unable to pay your bills on time. Bankruptcy proceedings can help protect you against aggressive bill collectors and preserve as much of your property for you as possible.
Most individuals and married couples can file for two types of bankruptcy protection:
Chapter 7 Bankruptcy or Chapter 13 Bankruptcy. While you can receive a bankruptcy discharge and thus eliminate your debts by filing either chapter, Chapter 7 and Chapter 13 function very differently.
Chapter 7
Chapter 7 “liquidation” bankruptcy is intended for those looking for a fresh start. Chapter 7 bankruptcy protection allows debtors to get rid of most of their debts and start over with a clean slate.
Chapter 13
Chapter 13 is commonly referred to as the “reorganization” bankruptcy. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. During this time the law forbids creditors from starting or continuing collection efforts.
Chapter 7 Bankruptcy or Chapter 13 Bankruptcy. While you can receive a bankruptcy discharge and thus eliminate your debts by filing either chapter, Chapter 7 and Chapter 13 function very differently.
Chapter 7
Chapter 7 “liquidation” bankruptcy is intended for those looking for a fresh start. Chapter 7 bankruptcy protection allows debtors to get rid of most of their debts and start over with a clean slate.
Chapter 13
Chapter 13 is commonly referred to as the “reorganization” bankruptcy. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. During this time the law forbids creditors from starting or continuing collection efforts.
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