Overview
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Filing for bankruptcy allows people to eliminate or repay some or all of their debt. This can be done through a liquidation or reorganization process. Bankruptcy can help people get rid of credit card debt and medical bills, as well as hold off on foreclosures or repossessions to allow time to catch up on missed payments. When filing for bankruptcy, it’s important to know about the various types. With so much to know about the rules pertaining to eligibility, different types of bankruptcy, what debts can be discharged, and what property is exempt, it’s best to consult an attorney. The experienced team at the Law Offices of Nicholas Fuerst can help you when it comes to filing for bankruptcy.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy, or liquidation bankruptcy, lets people get relief from unsecured debts. To do this, they may have to give up any property that is not covered by an exemption. Any non-exempt property will be sold. The proceeds will go toward paying off creditors. Chapter 7 bankruptcy can help those with credit card debt or medical expenses.
Learn MoreChapter 13 Bankruptcy
Chapter 13 bankruptcy, or reorganization bankruptcy, lets people keep their property while paying down their debts over several years. Under Chapter 13 bankruptcy, you must have the income to stick to the payment plan. Chapter 13 bankruptcy can benefit those in danger of foreclosures or repossessions.
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