Difference Between Chapter 7 And Chapter 13 Bankruptcy

When you file bankruptcy, whether it be a Chapter 7 or Chapter 13 filing, the bankruptcy trustee plays a big role in the process. Once you and your bankruptcy attorney have filed a successful bankruptcy petition, the bankruptcy court assigns a bankruptcy trustee who will be charged with executing your estate. In a chapter 7 bankruptcy the trustee will sell your non-exempt property and use the proceeds to pay back your creditors. In a Chapter 13 bankruptcy case, you make one monthly payment to the trustee who then devise it up to your creditors according to the payment plan that the court approves. Anyone filing bankruptcy must be completely honest and forthcoming about their accounts, assets, money, and property. You cannot hide or get rid of money or property before or during a bankruptcy without getting it approved by the trustee and courts. A bankruptcy attorney will be able to explain this to you in greater detail and offer you advise on property that you do want to get rid of.

When people talk about filing for bankruptcy, it is usually a Chapter 7 case. However, a Chapter 13 filing offers an individual in financial distress a variety of advantages. In a Chapter 13, the debtor submits a repayment plan that sets forth how all your creditors will be paid. As long as you are making your monthly plan payments, you can keep ALL of your assets (even non-exempt assets). Your plan will pay your creditors, fully or partially, over a period of three to five years, interest free!

Chapter 7 Bankruptcy Basics: Known as the fresh start bankruptcy, the Chapter 7 bankruptcy can

A chapter 7 bankruptcy case starts as soon as the court appoints a trustee who takes over the entire non-exempt property of the concerned debtor. He liquidates the assets and pays off the creditors who are involved with the debtor. Opting for a chapter 7 bankruptcy can lead to potential changes in your life. Here are a few advantages of filing a bankruptcy case under chapter 7.

For Florence, KY residents in the midst of financial troubles, filing for Chapter 7 bankruptcy may be the only option. However, it can be difficult to determine whether Chapter 7 will work for you. Monohan & Blankenship Attorneys At Law knows just how distressing money woes can be, which is why this trusted local law firm is dedicated to helping clients navigate the often confusing bankruptcy process. With a prestigious reputation spanning 44 years, you know you can trust the guidance offer by this skilled legal team.

Chapter 13 is a reorganizational bankruptcy designed for people who have regular income to pay back a portion of

Like many people in the state of Tennessee, you may have considered declaring Chapter 7 bankruptcy. Through this option, a number of your debts may be discharged, which can help you to regain control of your finances. At Rothschild & Ausbrooks, PLLC, we are often asked about how debts are handled in Chapter 7 bankruptcies. In this post, we will discuss which debts may be discharged in this type of filing.

Do you want to walk away from your debts so you have a financial fresh start? If so, Chapter 7 bankruptcy could be the answer to your problems. Before you can move forward with Chapter 7 bankruptcy, it is important to know how to qualify and which mistakes to avoid making.

Most people file Chapter 13 bankruptcy because they need to save their home and get caught up on mortgage payments, or because their household income is too high to file Chapter 7. Chapter 13 is a repayment plan for some or all of one’s debt over a 3 to 5 year period. Chapter 7, however, wipes out unsecured debt like credit cards and personal loans while allowing you to keep your home and other assets, such as vehicles. If you are currently in a Chapter 13 bankruptcy, it would be beneficial for you to switch to a Chapter 7, as that would allow you to walk away from the house without affecting the bankruptcy. Of course, this begs the question, are you eligible to file for a Chapter 7 bankruptcy?

Chapter 13 Bankruptcy is a way to pay off the money you owe over time, at smaller or no interest levels. It functions as a reorganization of your money owed, building a program that enables you to use imminent funds to pay back collectors. For this reason, Chapter 13 applies

Every man needs a roof over his or her head, chapter 13 ensures that this basic need is not taken away from them. Those who are on the chapter 13 have no fear, especially when the banks come demanding full payment of mortgage arrears. This is because, the payment plan enables the borrower arrange how he or she wants to pay off the mortgage company. To continue enjoying this plan, the borrower must be able to pay his or her agreed monthly mortgage plan over the stipulated period that the chapter 13 provides.

We can help you understand all of your debt relief options and ensure that you are fully prepared for your Chapter 7 or Chapter 13 filing. We will ensure that you include all of your debt, timely file the required financial disclosures, meet the strict deadlines, and obtain your discharge of debt as quickly as possible. When you consider the fact that you may be allowed to eliminate thousands of dollars of debt in your filing, the fee you pay your attorney is a very wise

Bankruptcy applies to several financial situations, and the person declaring bankruptcy has several options. The bankruptcy process involves federal and state laws. An experienced bankruptcy attorney can guide people through the legal process. Nobile & Thompson can make the process less nerve-wracking. A bankruptcy attorney can help his clients determine which bankruptcy option would be the

Chapter 7 personal bankruptcy involves liquidating your assets and turning them over to the courts. A trustee of the courts follows a court-supervised procedure, reduces your assets to cash, and then pays the creditors. State or federal law will exempt some assets in both types of bankruptcy. A Chapter 13 bankruptcy should be filed if you have valuable assets, such as a house, that you wish to keep. Under this type of bankruptcy, a re-payment plan is established with the creditors over a period of several years. Your Oakland bankruptcy lawyers will review your records and paperwork and help you decide whether filing Chapter 7 or Chapter 13 personal bankruptcy is appropriate for your situation.

Over the years, the process of declaring bankruptcy has become incredibly simple. Because of this change, the number of people declaring bankruptcy is at an all time high. Today, bankruptcy is a common thing among companies and individuals alike. The American bankruptcy law allows people to avoid paying their debts by offering the debtors a discharge without a harsh consequence. By not having repercussions for their actions, bankruptcy filers often plan future bankruptcies, allowing them to steal even more money from creditors with no punishment. There are 13 different chapters in the bankruptcy system with the principal chapters being 7,11, and 13. You can only file for bankruptcy under these three chapters, the others are there to