WHAT IS CHAPTER 7 BANKRUPTCY? More Q and A
Chapter 7 Bankruptcy, sometimes called a straight bankruptcy, is a liquidation process. The debtor (the person filing for bankruptcy) is required to turn over any non-exempt assets, if any, to the bankruptcy trustee who then converts them to cash for distribution to creditors. In the vast majority of cases the debtor does not have any assets that they would have to give up to the bankruptcy trustee. After approximately four months, the debtor will receive a discharge of all dischargeable debts. A Chapter 7 Bankruptcy is generally a relatively quick and painless way to get a "fresh start" which allows the debtor to start a new financial life without the burdens of their debts.
One of the goals of filing a Bankruptcy is to give the debtor, who is hopelessly drowning in debt, a fresh start by wiping the slate clean and allowing the debtor to move on with life free of most of their financials burdens.
WHAT IS CHAPTER 13 BANKRUPTCY? More Q and A
Chapter 13 Bankruptcy is also known as a reorganization bankruptcy. Chapter13 bankruptcy is filed by individuals who want to pay off their debts over a period of three to five years. This type of bankruptcy appeals to individuals who have non-exempt property that they want to keep.
WHAT ARE THE FEES? More Q and A
Payment plans are available and will be discussed at your initial consultation with Mr.Carter. This consultation is no charge.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
