Chapter 7 Bankruptcy
Chapter 7 provides the most attractive choice for those who want to eliminate their heavy debt burden without paying any of it back. Some of the choices are as follows:
A. You receive a complete fresh start.
B. You have immediate protection against creditor’s collection efforts and wages garnishment on the date of filing.
C. Wages you earned and property you acquired (except for inheritances) after the bankruptcy filing date are yours, not the creditors or bankruptcy court.
D, Your case is often over and completely discharged in about 3-6 months.
Chapter 13 Bankruptcy
A Chapter 13 bankruptcy is preferable to a Chapter 7. A Chapter 13 bankruptcy is the only choice if you are behind on your mortgage or business payments and you want to keep your property. A Chapter 13 bankruptcy allows you to make up over due payments and to reinstate the original mortgage agreement. Also, people file Chapter 13 bankruptcy because they have too much income to file Chapter 7 bankruptcy or have the kind of debt that is non dischargeable.
For more information on Chapter 7 and 13 bankruptcy, contact Robert Burch or your attorney.