Chapter 13 bankruptcy vs debt consolidation, which one is a better solution?

Chapter 13 Bankruptcy is a legal process that differs from traditional debt consolidation in certain important ways. This article details some of the most significant differences. While a Chapter 13 bankruptcy is actually a type of debt consolidation, it differs from traditional debt consolidation in certain important legal aspects. The most glaring and important difference is the power it wields. Backing up Chapter 13 bankruptcy is the Federal Bankruptcy Code, which can be a huge advantage when you are needing relief from debt.

Chris Esposito | Chapter 13 Bankruptcy

When a person’s debt has risen to a level that they can’t hope to get under control, they may consider filing for bankruptcy. For a consumer there are two bankruptcy choices: Chapter 7 and Chapter 13. Chapter 7 bankruptcies involve wiping out the debts in part or in their entirety and liquidating assets to do it. Chapter 13 bankruptcies are more of a debt restructuring plan that gives you more time and a plan to pay back a portion of the debt that is owed to creditors.

William Blake | Bankruptcy Basics

Bankruptcy or economic failure is an officially declared term defining the failure or impairment of organizations or individuals to pay off their debts. In several cases, debtors start bankrupcy formalities called voluntary bankruptsy filed by the bankrupt organizations or bankrupt individuals.

Caleb Anderson | Bankruptcy Basics

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