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Personal Bankruptcy

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CHAPTER 7 BANKRUPTCY

Chapter 7 Bankruptcy is the most common type of bankruptcy and is generally the cheapest aand fastest option for discharging debt under the bankruptcy code. The Chapter 7 bankruptcy process generally takes about four months from filing to completion. Chapter 7 bankruptcy is useful for eliminating credit card debt, medical bills, personal loans, and other unsecured debts.

  • Immediately Stops Foreclosure, lawsuits, collection actions, garnishment, calls and letters.

  • Eliminates most debts including credit card debts, personal loans, and medical debt.

  • Faster and Cheaper than Chapter 11 and Chapter 13 Bankruptcy

  • Eliminate Judgment Liens

CHAPTER 13 BANKRUPTCY

 

Chapter 13 Bankruptcy allows individuals to keep their property while repaying a portion of your debts over a period of 60 months. Chapter 13 offers additional benefits including, in some circumstances, the ability to eliminate home equity mortgages and the ability to cram down the loan on investment property to the value of the property.

  • Immediately Stops Foreclosure, lawsuits, collection actions, garnishment, calls and letters.

  • Allows you to retain non-exempt assets that you might not be able to retain in Chapter 7 Bankruptcy.

  • Provides the opportunity to propose a Chapter 13 bankruptcy plan, under which your mortgage arrears and other debts can be repaid over time.

  • May be able to eliminate second mortgages and Judgment liens

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