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Personal Bankruptcy
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Chapter 13 Bankruptcy
Posted: Mon, 08/09/2010
If you would like to speak with an expert to discuss weather or not filing chapter 13 is right for you, call 1-800-LAW-FIRM now. For more information please visit our Chapter 13 article.
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Personal Bankruptcy
Are you overwhelmed by your debts? Financial problems can happen to good people who work hard. Medical expenses, credit card debt, student loans, job loss and other obligations can cause your debt to spin out of control. But you have legal rights and options--and we can help. Personal bankruptcy is an opportunity created for you to start all over again. The person filing the bankruptcy is referred to as the debtor, and the person whom he/she owes the money to is called the creditor.
Essentially, there are basically two types of bankruptcy available to individuals--Chapter 7 and Chapter 13. In a typical Chapter 7 bankruptcy the debtor is a person with very few assets and a lot of debts. Chapter 7 debts that are not reaffirmed may be discharged. With a Chapter 7 bankruptcy filing there is no ceiling for debt restrictions, however, there is a debt ceiling with a Chapter 13 filing. A debtor that files a Chapter 13 bankruptcy is one with unpaid debts that must be repaid and cannot be discharged, for example rent or a car loan.
1-800-LAW-FIRM has network attorneys that are experts in personal bankruptcy. If you are interested in learning more about which form of bankruptcy is right for you, please click the links to learn more or call 1-800-LAW-FIRM to speak with one of our attorneys now.
