Chapter 7 bankruptcy allows a filer to discharge – or eliminate – unsecured debt such as credit card debt, medical bills and deficiency balances due to auto repossession. In order to be eligible, individuals must pass a means test.
Chapter 13 is often referred to as reorganization bankruptcy because it allows debtors to create a payment plan that reorganizes their debt. Payment plans are based on income instead of assets and are usually spread out over three to five years.
Bankruptcy Lawyer | Emergency Bankruptcy Filing Bankruptcy Lawyer . If you want to file for bankruptcy in a hurry to get an automatic stay, you can accomplish that (in most places) by filing Form 1—Voluntary Petition, the Mailing Matrix, and Form 21 (Statement of...read more
Bankruptcy Attorney | Can You File If Unemployed? Bankruptcy Attorney . You don’t have to be employed to file for bankruptcy. But being unemployed can affect the success of your bankruptcy if you file for Chapter 13. What is your total debt? There is no...read more
Chapter 13 Bankruptcy | Tips for Surviving Bankruptcy Chapter 13 bankruptcy is a three to five-year proceeding that requires you to commit to a new way of thinking about and handling your finances. In Chapter 13 bankruptcy, you pay back debts in full or in part...read more