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- Consectetur adipiscing elit
- In ornare dui vitae tellus venenatis
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Section subtitle here
Lorem ipsum dolor sit amet, consectetur adipiscing elit. In ornare dui vitae tellus venenatis, in malesuada lectus laoreet. Suspendisse et commodo odio. Proin at tortor enim.
- Lorem ipsum dolor sit amet
- Consectetur adipiscing elit
- In ornare dui vitae tellus venenatis
- In malesuada lectus laoreet
- Suspendisse et commodo odio
- Proin at tortor enim.
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Chapter 7 vs Chapter 13
Chapter 7 bankruptcy offers a fresh start to people who find themselves buried in credit card debt, medical bills and other unsecured debt. In the bankruptcy, most of those debts are discharged, which means that you’re no longer legally obligated to pay them.
It also means that creditors and debt collectors can’t contact you about those debts, report them as late to the credit bureaus or otherwise bother you about them. Some of the most common types of debt discharged when filing chapter 7 bankruptcy include:
- credit card debt
- medical bills
- past-due rent and utilities
- payday loans
- some tax debt
- Immediate Relief from Financial Stress
One of the most powerful aspects of consumer bankruptcy is the automatic stay. In most cases, the automatic stay stops creditor calls, debt collection letters, law suits and even wage garnishments as soon as your bankruptcy case is filed.
That means that when you get the right help, the pressure could be off in as little as a few days.
Chapter 13 bankruptcy offers a solution for people who have regular income, but are overburdened with debt.
A Chapter 13 plan allows you to catch up past-due payments during a three to five year repayment plan. At the end of that period, some remaining unsecured debt may be discharged.
Immediate Relief from Financial Stress
In most Chapter 13 bankruptcy cases (as in most Chapter 7 cases), an automatic stay is entered as soon as the case is filed.
The automatic stay is a court order that puts an immediate stop to creditor calls, debt collection letters, law suits and even wage garnishments. When you take action to turn your finances around, the pressure could be off in just a few days.
The Basics
Chapter 13 bankruptcy is designed to give people with high levels of secured debt or valuable property get the breathing room they need to manage their debts and keep their property.
How To File Chapter 13
Just as in a Chapter 7 bankruptcy case, your attorney will prepare petitions and schedules that detail your income, debts and assets for the bankruptcy court. And, the court will appoint a bankruptcy trustee to oversee your case.