Different Types of Bankruptcy
An individual debtor will usually file for bankruptcy under Chapter 7 or Chapter 13. It is important to understand the difference, including the requirements and the possible outcomes. The choice you make can have a large repercussion on the outcome of your case.
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Chapter 13 BankruptcyWhen individuals have accumulated so much debt that it overwhelms them and they are unable to repay all of their debt according to the original terms of the contract, they may seek bankruptcy relief. Chapter 13 bankruptcy may be one option for them.
Read more- Deciding between Chapter 7 and Chapter 13 Bankruptcy
Filing for bankruptcy is an avenue for debtors to gain a fresh start from overwhelming debt. For an individual debtor, that usually means filing under Chapter 7 or Chapter 13. It is important to know the requirements and specifics of both options. Bankruptcy has long-term financial and legal outcomes and an experienced bankruptcy lawyer can help an individual debtor avoid procedural missteps and misunderstandings of the law.
Read more - Different Types of Bankruptcies in America and the Bankruptcy Abuse Prevention
The recent economic downturn put many in a difficult financial position, unable to repay all of their obligations. This has been true for not just individuals, but businesses and cities, as well. When this occurs, the law provides a mechanism for getting out of control debts back under control, either by restructuring debt or wiping out certain types of obligations. This is bankruptcy.
Read more - What is the Difference Between Chapter 7 and Chapter 13 Bankruptcy?
When preparing to file for bankruptcy, there are often many things on your mind. How will this affect my credit? Will I be able to pay for this? What will I lose? What will I gain? But one question that many people do not even know to ask is “what is the difference between a Chapter 7 and a Chapter 13 bankruptcy?” The answer can have profound repercussions on your case.
Read more - Benefits of Filing of Chapter 13 Bankruptcy
The life situations that lead to the necessity of filing Chapter 13 bankruptcy are dire and filled with monetary problems where the borrower is unable to pay back his or her debts. However, even in the event where a Chapter 13 is the only possible conclusion, there are benefits that may protect and help the applicant.
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