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When bankruptcy becomes a necessity because of a bad financial situation, an individual will have to determine whether they should file for Chapter 7 or Chapter 13 bankruptcy. Understanding the differences between them is very important because they are separate and unique filings.
William Blake | Chapter 13 Bankruptcy, Chapter 7 Bankruptcy
Buffalo New York law protects all or a portion of your assets or properties from being seized by creditors or the bankruptcy trustee in a Chapter 7 bankruptcy. In a Chapter 13 bankruptcy, you are generally allowed to keep all of your assets and property. Certain exceptions may apply, so it’s wise to consult with a qualified bankruptcy attorney to find out which of your assets will be protected in a bankruptcy filed in the State of New York.
Ferlix Grant | Bankruptcy Basics, Bankruptcy Exemptions
It is believed that each year as many as one million Americans go bankrupt and are found filing for bankruptcy. Most of these individuals that file for bankruptcy do so under different personal bankruptcy laws that include chapter thirteen and also chapter 7. The bottom line is that before filing for personal bankruptcy, makes sure to know what the ramifications of different chapters are and in most instances it may be better to file for chapter thirteen instead of chapter seven as the latter shows that you are a person that does not pay your debts.
Scott Goodman | Bankruptcy Basics
By the time you finish reading this, you will know more about Chapter 13 bankruptcy. As we all know there are a number of different types of bankruptcy and it is essential to at least know the difference. Chapter 13 is not available for all kinds of situations and it should only be filed by the best qualified candidate.
Joseph Then | Chapter 13 Bankruptcy
Usually (depending on the situation), individuals try to file for bankruptcy under Chapter 7 in order to get most of their outstanding debts discharged. The time taken to do this is also quite less as compared to filing under Chapter 13. You can file for bankruptcy under Chapter 7 only if you pass the Means Test. Unlike Chapter 7, filing under Chapter 13 will give you the chance to repay your outstanding debts over a longer period of time, usually between 3 to 5 years. You also have the chance to keep all your property.
Eulalia Allmand | Chapter 13 Bankruptcy, Chapter 7 Bankruptcy
