Differences in Bankruptcy proceedings
What is the difference between a chapter 13 and a Chapter 7 Bankruptcy
Bankruptcy proceedings are governed by Federal Law. There are different types of bankruptcies,. For individuals the most common are Chapter 7s which mean a total discharge, and a Chapter 13, which means a debt reorganization. Which one to choose depends on your income, how much debt you have, and how many assets you have. Under a chapter 7, except for the debt you reaffirm and thereof the assets you keep, you get to start fresh and clear of all debt. Under a Chapter 13, you get to keep most of your assets, but you enter an adjusted repayment plan over a 3 to 5 year period.
It is critical to discuss your options with an experienced attorney, as how you designate your assets and income can maximize your rights.
More Information: Bankruptcy Differences between a 7 and a 13
Attorney: Stephen Biggie
Status: Question answered
Date Filed: Augusrt 5, 2011
Our Melbourne office is centrally located in Brevard County, enabling our lawyers to serve clients throughout "the Space Coast", including Cocoa Beach, Palm Bay and Vero Beach.
| 
