Basic Bankruptcy Primer
Chapter 7 Bankruptcy allows individuals to protect a substantial amount of equity while eliminating debt. With this form of bankruptcy, also known as "Liquidation Bankruptcy", our clients can retain the following equity:
Vehicles: up to $5000.00 ($10,000.00 for those that are disabled/elderly)
Household Goods: up to $3000.00 ($6,000.00 for married filers)
Primary Residence: up to $60,000.00 ($90,000.00 for those that are disabled/elderly)
This is the quickest and simplest form of bankruptcy.
Chapter 13 Bankruptcy allows individuals with a reliable income to repay most or all of their debt. Also known as "Wage Earner Bankruptcy", this form of bankruptcy gives individuals the chance to rehabilitate credit.
Clients pay a monthly fee to a trustee, who then distributes the funds to their creditors
Clients complete plans that range from 36 to 60 months, depending upon the reason for filing
Those who file Chapter 13 Bankruptcy are entitled to all of the Chapter 7 exemptions, but are also allowed to keep the non-exempt property that might be excluded in a Chapter 7 Bankruptcy
Please do not construe this as "legal advice" we can not provide legal advice and only an attorney can provide legal advice
Our work is supervised by a licensed attorney
