BANKRUPTCY & DEBT
Are you looking for a Bankruptcy Lawyer, Debt Lawyer, Collections
Lawyer or Debit-Creditor Lawyer?
Fill out the Free Bankruptcy Evalution Form
or call now 877-672-5015 to speak to a local
Bankruptcy Attorney near you.
A local bankruptcy attorney can
help you understand the differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy, so
that you can make an educated decision about the best next step for
you. Fill out the form below for a free bankruptcy
case evaluation by a local attorney.
Not sure whether bankruptcy is
the right option for you? A local bankruptcy attorney
can answer your questions and explain the bankruptcy process to you. Schedule your free, no-obligation call right now!
Chapter 7 bankruptcy and Chapter
13 bankruptcy offer different forms of protection. If
you’re facing a financial crisis, a local bankruptcy attorney can help you determine whether
Chapter 7 bankruptcy or Chapter 13 bankruptcy might be the right answer for
Generally speaking, Chapter 7
bankruptcy is intended to wipe the slate clean by discharging unsecured debt—debts like credit
card debt, medical bills, and unsecured loans. Chapter
13 bankruptcy, on the other hand, is intended to give a debtor time to catch up past due
payments over a period of 3-5 years, while keeping secured property like houses and
There are two types of consumer
bankruptcy. Each is intended to help consumers in
financial crisis, but the solutions offered are very different.
Chapter 7 bankruptcy, or
liquidation, is more common. Chapter 7 bankruptcy was
designed to eliminate a lot of unsecured debt (credit cards, medical bills, old utility bills,
unsecured personal loans, etc.), and can generally be completed within just a few
months. In a Chapter 7 bankruptcy case, the trustee
can liquidate (sell) non-exempt assets to pay creditors, but most people who file for Chapter 7
bankruptcy don’t have any non-exempt assets, and so are able to keep their property while
eliminating unsecured debts.
Chapter 13 bankruptcy is often
the solution of choice for people who have a lot of secured debt, such as car loans and
mortgages, and want to keep the property that serves as security for the
loans. In a Chapter 13 case, the debtor enters into a
repayment plan that allows 3-5 years to catch up on past due payments.
Since the bankruptcy law change
in 2005, there have been a lot of misunderstandings about
bankruptcy. For instance, many people have been led
to believe that almost no one can file for Chapter 7 bankruptcy anymore. That’s simply not
true. Although the new bankruptcy law that took
effect in October, 2005 added some hoops for debtors to jump through, consumer bankruptcy
attorneys and credit counseling agencies have found from the beginning that the Chapter 7
means test actually prevents very few debtors from filing under Chapter
7. In fact, some credit counseling agencies have
said that by the time most debtors come to them for the newly-required pre-filing credit
counseling, they have no other realistic option! The safety net of bankruptcy is still available to most consumers in
Call Now 877-672-5015
or fill out the Free Bankruptcy Evaluation Form.
The free Bankruptcy
Information is sponsored by consumer bankruptcy attorneys from across the
Although the Bankruptcy
information service provides extensive free information about Chapter 7 and Chapter 13
bankruptcy and regular updates on bankruptcy news and developments, many consumers need help
understanding how the bankruptcy laws apply in their particular circumstances and making good
decisions about their next steps. A consumer
bankruptcy attorney can be your source of that information, so the Free Bankruptcy Information Line:
877-672-5015 makes it easy for consumers by scheduling free,
no-obligation calls with local bankruptcy attorneys.