Clarity through Bankruptcy
Clarity through Bankruptcy
Many filers choose bankruptcy as the start of their path to financial renewal; the two types (Chapter 7 and Chapter 13) allow filers to tailor their bankruptcy case to fit their needs and goals.
Those who file under Chapter 7 of the U.S. Bankruptcy code are able to rid themselves of much unsecured debt (such as medical bills, credit card bills, etc.) and complete the bankruptcy process in a matter of months. During a Chapter 7 case, the bankruptcy trustee may raise money to pay a filer's creditors by selling a filer's non-exempt assets. In most Chapter 7 cases, though, filers have few (if any) such assets, and so they're often able to keep their property.
Chapter 13 bankruptcy allows filers to pursue financial renewal while maintaining property like homes and cars. Chapter 13 cases provide filers with a sense of relief in the form of three to five year repayment plans to catch up on debts.
