WE ARE A DEBT RELIEF AGENCY. WE HELP PEOPLE FILE FOR BANKRUPTCY RELIEF UNDER THE BANKRUPTCY CODE
Overview of the Bankruptcy Process
Chapter 7 or 13 bankruptcy may help.
Chapter 7 is known as the “liquidation chapter.” It discharges most unsecured debts and gives the debtor a “fresh start”. A chapter 7 case is often called a “no-asset” case since most debtors that file a Chapter 7 have no assets once their exemptions are applied.
Chapter 13 is known as the “repayment chapter” and is designed for an individuals with a regular source of income who otherwise does not qualify for, or desire, a Chapter 7 bankruptcy. After completing the “means test” a payment plan is worked out to repay both secured and unsecured creditors. Often the payments in a Chapter 13 plan are considerably lower than if wages were garnished or regular credit card payments were made. Unsecured debt is frequently repaid at 10 cents on the dollars during a 3 year or 5 year plan.
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All attempts are made to provide accurate information. However, nothing contained on this page should be relied upon as legal advice or legal authority. Nothing contained on this page should be substituted for the advice of competent legal counsel.