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The United States
Bankruptcy Code was enacted to help individuals and businesses
resolve financial difficulties, enabling qualified debtors to
liquidate or reorganize debts, depending on their individual
situations. Most individual consumers and self-employed people fall
into either Chapter 7 or Chapter 13 – these are the chapters of the
Bankruptcy Code dealing with liquidation (Chapter 7) and
reorganization (Chapter 13). In both Chapters, filing bankruptcy
immediately stops creditors from contacting you in any way - no
telephone calls, repossession, foreclosure, enforcement of a
judgment, filing or continuing a lawsuit, or sending letters.
Chapter 7
The purpose of Chapter 7 bankruptcy is to discharge unsecured debts.
If you qualify to file under Chapter 7 of the Bankruptcy Code, it
can completely cancel your responsibility to pay off credit cards,
judgments, personal loans, medical bills, and other such unsecured
debt (charges for which no collateral has been pledged). Chapter 7
will not reorganize or discharge past due mortgage debt, car
payments, certain taxes, or other debts secured by collateral, such
as furniture or major appliances purchased by contract. There are
specific requirements a debtor must meet to determine whether he or
she is eligible to file under Chapter 7. Your bankruptcy attorney
can determine whether you meet these requirements, as well as the
types of assets and debts you have, and the type of bankruptcy that
would be your best answer.
Call the Burger Law
Firm now at 713-960-9696 for a free consultation.
Chapter 13
Chapter 13 bankruptcy, sometimes called a “wage-earner plan,” is a
reorganization of debts for wage earners and qualified businesses.
Under Chapter 13, an individual will propose a Plan for repayment of
debts. One consolidated monthly payment is made to a Trustee, who
makes payments to the creditors. Chapter 13 is the best solution to
stop foreclosure or repossession. Past due house or car payments can
be paid through the Plan, allowing you to save your home and other
secured property. Chapter 13 also allows you to pay out delinquent
income and property taxes and consolidate your other bills, avoiding
the high interest rates and penalties charged on defaulted credit
accounts.
Call the Burger Law
Firm now at 713-960-9696 for a free consultation.
We are a Debt Relief
Agency. We help people file for bankruptcy relief under the U. S.
Bankruptcy Code.
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