benefits of Bankruptcy

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is the most common form of bankruptcy. It is a liquidation proceeding in which the debtor’s non-exempt assets, if any, are sold by the Chapter 7 trustee and the proceeds distributed to creditors according to the priorities among creditors established in the Code. Chapter 7 bankruptcy is available to individuals, married couples, […]

Chapter 13 Bankruptcy

Chapter 13 Bankruptcy Chapter 13 bankruptcy is a repayment plan for individuals with regular income and unsecured debt less than $336,900 and secured debt less than $1,010,650.  The debtor keeps his property and makes regular payments to the Chapter 13 trustee out of future income to pay creditors over time (3-5 years). Repayment in Chapter […]

Bankruptcy Myths

Each and every one of these statements is false Bankruptcy relief is no longer available You can’t file bankruptcy if you have a job Medical bills can’t be discharged in bankruptcy Chapter 13 plans require repayment in full of debt People who file bankruptcy can’t get credit for 10 years You lose everything you own […]