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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.

The content of this website is for informational purposes only and does not constitute legal advice. You must consult an attorney regarding your own situation. You are advised that merely contacting our office is not construed as attorney-client privilege. We are a Debt Relief Agency. We help people file for bankruptcy relief under the U. S. Bankruptcy Code.