Personal bankruptcy is applied under Chapter 7 & 13 of the U.S. Bankruptcy Code. Complete our free bankruptcy case evaluation and be connected to a bankruptcy lawyer who can discuss your potential bankruptcy options.
Be sure to also check out the below summaries of Chapter 7 & 13 bankruptcy. Keep in mind that both offer the protection of the bankruptcy automatic stay, which orders creditors to stop contacting you and stops most foreclosures, repossessions, wage garnishments and lawsuits.
When a person successfully files for Chapter 7 bankruptcy, their unsecured debts (like credit card debt, utility bills, payday loans and medical bills) are discharged—which means they never have to pay those debts again.
Chapter 7 bankruptcy is often a debt-relief option for people who:
Since the bankruptcy law changed in 2005, potential filers must qualify to file Chapter 7 bankruptcy. Talk to a bankruptcy lawyer today to find out whether you may qualify to file for Chapter 7 bankruptcy.
Known as "wage-earner bankruptcy", Chapter 13 bankruptcy is often a debt-relief strategy for people who:
In Chapter 13, the bankruptcy court places the debtor on a repayment plan and he or she makes one monthly payment for all of their debts. Generally, the repayment period is between three and five years.
After the court approves a repayment plan and budget, a bankruptcy trustee monitors the progress to ensure the debtor make payments according to the plan.
Bankruptcy law can be complex. A bankruptcy attorney can be a good resource to help you determine which, if any, type of personal bankruptcy is right for you.
Make the first move right now and fill out our free 2-minute form to be connected with a local bankruptcy lawyer.
Looking for additional bankruptcy information? Check out Total Bankruptcy—your source for relevant and valuable bankruptcy information.
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