Chapter 7 and Chapter 13 Bankruptcy Help
The two most common consumer bankruptcies are Chapter 7 and
Chapter 13 bankruptcy. Sponsoring bankruptcy lawyers handle
these types of bankruptcies exclusively so you can be sure you
are getting accurate legal advice when you file bankruptcy.
Bankruptcy attorneys will fight to protect your rights and your
property. Bankruptcy attorneys fight the aggressive and annoying
creditors for you. They can help you keep your home, vehicles
and other personal property.
Filing for Chapter 7 bankruptcy is a
way for debtors to get a "Fresh Start" and have debts eliminated.
This type of bankruptcy is also called a "Straight Bankruptcy"
or "Liquidation Bankruptcy" because assets will be liquidated
in order to pay off as much debt as possible.
For debtors who are incapable of repaying debts, and eligible
for chapter 7, this is the most common option. Chapter 7
allows the debtor to relieve themselves of the burden associated
with having a large amount of debt. It stops harassing phone
calls from creditors, eliminates most debt, and eases...
Chapter 13 bankruptcy allows debtors that file their
petition with the court to submit a plan of how they will repay
their debt. This form of bankruptcy is referred to as a wage
earners plan by the United States government. The repayment
plan submitted by the debtor must have the debt repaid within
three to five years of the planís start. No plan submitted by
a debtor can take longer than five years to pay back the debt.
During the repayment process by the debtor, his or her creditors
must stop all of their collection efforts such as phone calls
or letters to the debtor.
Determine Chapter 13 eligibility
Eligible persons for Chapter 13 bankruptcy include individuals
who are self-employed or who operate an unincorporated business
as long as their unsecured debts total less than $336,900 and
their secured debts total less than $1,010,650. Corporations
and partnerships are not eligible to file for Chapter 13 bankruptcy.
If a debtor failed to appear in court within the previous 180
days for another bankruptcy hearing then he or she cannot file
for Chapter 13 bankruptcy. As with Chapter 7 bankruptcy, debtors
wishing to file for Chapter 13 bankruptcy must receive counseling
from an approved credit-counseling agency 180 days prior to
filing the bankruptcy petition. In emergencies, the United States
trustee can make exceptions to the rules above for eligibility.
Using Chapter 13 to stop a foreclosure
By far, the most common reason debtors choose to declare chapter
13 bankruptcy is to save a home that would otherwise be foreclosed
upon. The repayment plan and new laws associated with chapter
13 bankruptcy allows home owners to stop foreclosure proceedings,
and create a plan that will allow them to get back on track
to paying off their home loan. The laws are rather complicated,
so anyone wanting to do this should have a bankruptcy lawyer
A bankruptcy lawyer will be committed to getting you debt relief
and providing you with valuable information, services and advice
to get you a better financial future. There are many convenient
locations to make filing bankruptcy or learning about the alternatives.
Bankruptcy law is the name given to the
branch of civil law that covers federal bankruptcy and state
insolvency laws and regulations as they apply to individuals,
municipalities, and businesses. During bankruptcy, a court administers
the estate (the property and other assets) of a debtor (a person
or business who owes money to others) for the benefit of creditors
(a person or business that is owed money). In voluntary bankruptcy
proceedings, individuals or businesses may file for bankruptcy
in an attempt to resolve a hopeless financial situation; although,
from time to time, a creditor may force the filing of an involuntary
bankruptcy proceeding. Please read on to find a bankruptcy lawyer,
bankruptcy attorney or to learn more about bankruptcy information
including the new bankruptcy laws.
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