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Chapter 7 And Chapter 13 Provide Viable Bankruptcy Options

by Rico Silvis (2020-06-22)

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Once you've come to terms with the idea of filing for bankruptcy and determined that it is the right course of action for you, the next step is determining which form of bankruptcy is most appropriate for your situation. The two most common forms of bankruptcy are Chapter 7 and Chapter 13, which you may have heard of in a general sense but may not know much about. The bankruptcy attorneys of Arizona-based bankruptcy firm Williams & Cluff, PLC would like to take a moment to discuss Chapter 7 and Chapter 13 in detail so that you may have a better idea what they do and how they apply to your individual situation.


Chapter 7 bankruptcy - is a form of bankruptcy that deals with discharging your debt through the liquidation of your non-exempt assets. This is the most common form of bankruptcy, and provides an effective way for those who qualify to eliminate most of their debts and start again fresh. Best of all, most debts can be discharged within a matter of months.


As mentioned above, Chapter 7 involves the sale of non-exempt property and the distribution of the proceeds to your creditors. In many cases you are allowed to keep all of your property. This means there are no assets to liquidate, and as a result, there are no proceeds for creditors. This doesn't mean however, that all types of debt can be discharged via Chapter 7. Child and spousal support, most income taxes, property taxes, student loans and criminal fines generally cannot be discharged.


Chapter 13 bankruptcy - is a form of bankruptcy that allows for the reorganization of debt. Under Chapter 13, debtors may propose a 3-5 year payment plan under court supervision and protection. If you cherished this short article and you desire to get more info with regards to SEE MORE NEWS generously go to the webpage. During this time you are protected from creditors continuing or starting collection efforts against you. If you are committed to repaying your debts, but require a more reasonable and attainable payment plan, than Chapter 13 may be for you.


There are eligibility requirements for both Chapter 7 and Chapter 13 that can be explained by a qualified attorney like the ones you'll find at Williams & Cluff, PLC. Schedule your free consultation today, and begin to educate yourself as to the bankruptcy options available to you.







Craig is an author of various professional content ranging from finance to legal authorities to artificial grass. Visit for more information on the best way to handle your bankruptcy.









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