Bankruptcy Debt Help for Chapter 7 or Chapter 13 individuals. Does it work?
Bankruptcy is an option which allows people to reduce or eliminate their debt by liquidating assets or developing a repayment plan. While there are six bankruptcy chapters, only two address personal finances — Chapter 7 and Chapter 13. The remaining chapters relate to corporate and government entities. Chapter 7 bankruptcy requires individuals to surrender their assets to the Bankruptcy Court. A Trustee is assigned and oversees the sale of assets. Monies collected are used to repay creditor debts. In essence, Chapter 7 erases all debt, but the individual loses most, if not all, of their valuable property including real estate and automobiles.
Related Questions
- I received a discharge in a Chapter 7 Bankruptcy, but some debts that could not be discharged remain. Can filing a Chapter 13 help me with these debts?
- I filed a Chapter 7 Bankruptcy case within the last 8 years, but again or still have debt I need help with. Can I file a Chapter 13?
- Bankruptcy Debt Help for Chapter 7 or Chapter 13 individuals. Does it work?
