Find out when to use Chapter 13 bankruptcy rather than Chapter 7 to gain the greatest benefit when filing. The rules for each chapter are different and the advantages may multiply exponentially when converting from one chapter to another.
Means Testing in Chapter 7 & Chapter 13 Bankruptcy Cases.
If you are ready to eliminate the phone calls you get from creditors that you owe, it is time to start considering your options. A reputable chapter 7 bankruptcy attorney can help you find out if this chapter is the best path for you.
Bankruptcy is one of the most complicated legal terms that need complete attention and proper understanding. This article contains the facts, advantages, and tips on bankruptcy chapter 13 that will help readers understand the key facts of Chapter 13 bankruptcy as well as guide them to realize the difference between Chapter 7 and Chapter 13 bankruptcy.
Chapter 7 bankruptcy attorneys are seeing more new clients, as the United States economy continues to struggle. There are many types of bankruptcy, and Chapter 7 is one of the most common. Under this chapter, the debtor is relieved from his or her financial burdens by liquidating assets.
There are two types of Personal Bankruptcies that an individual can file. Chapter 7 and Chapter 13. Chapter 7 releases the debtor from all obligations and Chapter 13 is a repayment plan of three to five years where the debtor gets to keep all of their assets.
You'll learn about 5 benefits of Chapter 13 in this article. Find an expert Chapter 13 bankruptcy attorney if you want to save money, keep your assets, and discharge most of your debts.
The difference between chapter 7 and chapter 13 bankruptcies and how to decide which one is right for you.
Filing for Chapter 7 bankruptcy protection is the most rapid way to go through personal financial reorganization. In Chapter 7, all of an individual's non-exempt assets are sold and distributed to creditors. Speaking with a bankruptcy attorney can determine if filing under Chapter 7 is right for you.
You may have some basic questions regarding filing for bankruptcy. Learn how a bankruptcy attorney can assist you during economic hardships with Chapter 7 and Chapter 13.
Converting from a Chapter 13 bankruptcy to a Chapter 7 filing can be aided by the skill of a bankruptcy lawyer. Going from a repayment plan under Chapter 13 to a wiping away of debts under Chapter 7 can be a welcomed relief for individuals struggling financially. However, a conversion requires some major incident, such as the loss of income.
Before you decide what chapter to file, if you decided to declare bankruptcy, you should know the benefits of each one. Chapter 13 provides many advantages for debtors, but with some regulations.
If you've been trying to decide whether you would be better off filing for Chapter 13 or Chapter 7, you should consider contacting a professional in the field and discussing your options with them. Here are some of the reasons you might choose one form of bankruptcy over another.
Before you decide which route to take when it comes to bankruptcy, you should know a bit about each chapter. If you are considering chapter 7, it is important to find out what you can and cannot keep, and whether you have to pay back creditors.
Several types of bankruptcies are governed by United States Code: Chapter 7, Chapter 11, and Chapter 13. Considering bankruptcy and in which form, takes a lot of thoughtfulness and clear understanding of the various procedures.