Type of Bankruptcies

Chapter 7

Earning less than what it costs to support yourself or your family may allow you to eliminate your unsecured debt. This includes debt from credit cards and personal loans, car repossessions or surrenders, medical bills, auto accidents or claims of former landlords. Tax debt, if old enough, can even be erased through a Chapter 7 bankruptcy.

Mortgages in a Chapter 7 can be wiped out from former foreclosures or, if you are surrendering your home, from your current residence.

The filing of a Chapter 7 also stops creditors from contacting you to collect the debt. Once filed, a Chapter 7 bankruptcy stops lawsuits, garnishments or any other collection tactics—including phone calls—your creditors can impose.

Through exemption laws, your personal property, including equity in homes and cars, can be protected.

Upon completion of your case, you will receive a discharge, legally eliminating your unsecured debt forever. You are given a fresh start.

Chapter 13

Chapter 13 bankruptcy provides for the repayment of a portion of your debt, depending on your income. What you don't pay back is discharged, or eliminated, upon the completion of your case.

Unlike a Chapter 7, you are eligible to file for Chapter 13 even if you make more than what it costs to support yourself or your family. You can even file a Chapter 13 if you have just previously filed for Chapter 7. By filing for Chapter 13, federal law may allow you to catch up with delinquent mortgage payments, pay off delinquent car loans or even eliminate unsecured mortgages.

As with a Chapter 7, your personal property can be protected even though you are filing for bankruptcy.

Stop those pesky calls!

Contact us today to schedule your free consultation. Let attorney James Keenan eliminate credit card debt, foreclosures, unsecured mortgages, repossessions and wage garnishments. Ask us about payment plans.

Call 916-448-6923 now!