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Excerpt from: https://www.nolo.com/legal-encyclopedia/chapter-7-13-bankruptcy-basics-29829.html
Bankruptcy is a process in which consumers and businesses can eliminate or repay some or all of their debts under the protection of the federal bankruptcy court. For the most part, bankruptcies can be divided into two types -- liquidation and reorganization. Chapter 7 bankruptcy comes under the liquidation category. It's called liquidation because the bankruptcy trustee may take and sell ("liquidate") some of your property to pay back some of your debt. However, you may keep property that is protected (also called "exempt") under state law. There are several types of reorganization bankruptcies, but Chapter 13 is most commonly used by consumers. In Chapter 13 bankruptcy, you keep all of your property, but must make monthly payments over three to five years to repay all or some of your debt. Both Chapter 7 and Chapter 13 bankruptcy have many rules -- and exceptions to those rules -- regarding which debts are covered, who can file, and what property you can and cannot keep.
10 Comments
9/7/2017 03:22:51 am
In any complex legal problem and especially one that involves a lot of money, it is good to have a lawyer. Apart from dispensing information, lawyers offer the much needed advice and apply their skills to all legal problems. There are many lawyer firms out there but that does not mean that all lawyers are good. In fact, finding a lawyer who is able to help well with a particular problem is not an easy task. A good lawyer serves as the client's legal coach and he/she goes an extent further to educate the client on all legal technicalities involved in the case. 11/22/2017 11:24:51 pm
12/4/2017 02:02:15 am
Choosing an accident lawyer is one thing. But finding a competent, qualified lawyer who will best represent your interests in negotiations or in a court of law is another. If you are in need of a good accident lawyer, and you already have a list of accident lawyers at hand, how would you then select the best, or at the least, the good one? 1/13/2018 11:53:00 pm
6/15/2022 09:57:20 am
There are several types of reorganization bankruptcies but chapter thirteen is most commonly used by consumers. Thank you, amazing post! 6/15/2022 10:20:03 am
Repay some or all of their debts under the protection of the federal bankruptcy court. Thank you, amazing post! 4/2/2023 06:48:36 pm
Thank you for pointing out that liquidation bankruptcy falls within Chapter 7 bankruptcy. Since the bankruptcy trustee may remove and sell part of your property to settle some of your debt, this process is known as "liquidation." Due to her inability to repay loans, my friend was charged with bankruptcy. I'll advise her to hire a bankruptcy lawyer to assist with the sale of the property to help pay off part of her debt. 7/6/2023 02:39:02 pm
There are several types of reorganization bankruptcies, but chapter Thirteen is most commonly used by consumers. Thank you for the beautiful post! Leave a Reply. |
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