:: BANKRUPTCY » Chapter 7 & Chapter 13
A debtor may choose to file for either a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. While a Chapter 13 bankruptcy reorganizes debt into a repayment plan, a Chapter 7 bankruptcy, also known as a "liquidation" bankruptcy, erases all debt that is legally capable of expungement.
WHAT IS CHAPTER 7 BANKRUPTCY?
When most people talk about bankruptcy, they are often speaking of a Chapter 7 total liquidation bankruptcy. Most bankruptcies are filed under this chapter. This type of bankruptcy washes away most debt, although some types of debt cannot be wiped out. In most cases, debtors can keep all of their property. If you would like to discuss your options surrounding Chapter 7 bankruptcy, please contact us to set up a consultation.
WHAT IS CHAPTER 13 BANKRUPTCY?
Chapter 13 Bankruptcy is often used to stop lenders from foreclosing or vehicle lenders from repossessing when payments are seriously delinquent.
Chapter 13 reorganization is a process in which we balance your income against your debts. Some debt needs to be paid in full in a Chapter 13 plan, some debt can be wiped away for pennies on the dollar!
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