Chapter 7 Bankruptcy

This bankruptcy is designed for people in financial difficulty who do not have the ability to pay their existing debts. Most people who file Chapter 7 Bankruptcy eliminate their unsecured debt and keep everything they own.

Chapter 7 Bankruptcy prevents lawsuits, wage garnishments, bank levies, repossessions, and creditor harassment.

The entire bankruptcy process is generally 90 days. Around day 90 the case closes with a discharge order. This order is mailed to your creditors and tells them your debt is eliminated. 

Chapter 13 Bankruptcy

This bankruptcy is designed for individuals with higher income and/or those who own property with substantial home equity.

A plan is filed with the court to repay creditors. These plans last 3 to 5 years unless creditors are paid off sooner through the plan. All Chapter 13 Plans are subject to Court approval. 

A big advantage available in Chapter 13 Bankruptcy is the ability to cure mortgage arrears. If you are behind on one or more mortgage payments, you may be able to fix this through a Chapter 13 Bankruptcy. If foreclosure is imminent, a Chapter 13 Bankruptcy may be a good option for you and your family to consider. 

Conclusion

Although filing Chapter 7 Bankruptcy or Chapter 13 Bankruptcy may seem overwhelming, for many it is an opportunity for a “Fresh Start”.

We are here to help you get through the bankruptcy process. Our experienced, local bankruptcy attorney will help you every step of the way!

Video

To Learn more about Chapter 7 Bankruptcy vs. Chapter 13 Bankruptcy click the link below:

https://www.youtube.com/watch?v=DXv-na6y8nE

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