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Learn more about the differences between Chapter 7 vs Chapter 13 bankruptcy when you consult the qualified attorney at Bankruptcy Legal Services. Once you know the type of bankruptcy you want to file, we'll assist you through the whole process from the beginning to getting out of bankruptcy.

 

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Chapter 7 bankruptcy is commonly used as a remedy when you have a regular property, a house, cars, retirement accounts, and basic necessities like furniture and clothing. Also, when you have little or no money left after paying basic expenses each month or you're not even meeting basic expenses.

 

The ordinary property that most people own is exempt and protected from your creditors in a Chapter 7 bankruptcy from your creditors.

 

The advantages of filing for Chapter 7

 

Most of your unsecured debts can be discharged (completely eliminated). The process moves quickly - you may receive your discharge in just a few months. Creditors can't contact you while the automatic stay is in effect or after debts are discharged.

 

Your debtors who have qualified under the 'means test' and completed a required pre-filing session with a credit counselor may file for Chapter 7 bankruptcy protection.

 

Chapter 7 is a legal process designed to quickly (within a few months) eliminate your unsecured debt that includes: credit cards, department store cards, medical bills, payday loans, some personal loans, parking bills, and utility bills.

 

Chapter 7 filers often are unemployed or work jobs that leave them with little money to pay their bills every month. The Chapter 7 process is often completed in only a few months. Filing for Chapter 7 will stop garnishments.

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Protect yourself by filing for Chapter 13

To reorganize or make debt adjustments when you have regular income, file for Chapter 13.

 

Chapter 13 bankruptcy is commonly used as a remedy when you have significant equity in a home or other property and want to keep it, or have regular income and can pay your living expenses but can't keep up the scheduled payments on your debts.

 

Chapter 13 was designed to stop foreclosure, repossession, wage garnishments, lawsuits, and creditor harassment. A Chapter 13 bankruptcy allows you to consolidate, prioritize, repay, and in some cases, reduce or eliminate old debt while receiving powerful protection against creditors.

 

Instead of dealing with multiple creditors and bills, Chapter 13 creates a single repayment plan that is managed by the court.

 

Advantages of Chapter 13

 

Keep most of your property while spreading out time to pay past due accounts. You'll have 3 to 5 years to catch up on delinquent accounts according to a schedule that you and the bankruptcy trustee have agreed is workable for you.

 

You'll make one monthly payment to the bankruptcy trustee for distribution and will have no direct contact with creditors during the protection period of 3 to 5 years. Co-signers may be protected.

 

Who can file a Chapter 13? Any individual debtor whose unsecured debts are below $360,475 and whose secured debts are less than $1,081,400 may file.