LEGALLY SETTLE DEBT
1 (800) 369-2835
Info@legallysettledebt.com
1 (800) 369-2835
Info@legallysettledebt.com
- 55% Average Settlement including all fees
- Attorney representation (Including court appearances) for all creditor actions
- Highly trained College Educated Representatives
- Complete Training in Bankruptcy Laws, Consolidation, Settlement and Credit Restoration
- Programs in all Fifty States.
Bankruptcy Options - Chapter 7 and Chapter 13
Generally, under a Chapter 7 bankruptcy, you are able to keep all of your possessions, including your house and your vehicles. However, if you plan on keeping your house and vehicles, you are required to continue making the payments on them. You must list all of your bills on a Chapter 7 bankruptcy. You still have the option of paying any bill that you wish to pay, even though you have filed bankruptcy on the other bills.
Once you have filed for a Chapter 7 bankruptcy, your bills will be canceled and you will no longer have to pay them. A person is allowed to file a Chapter 7 bankruptcy once every 8 years.
A Chapter 13 bankruptcy is available for people who have steady incomes and want to or are able to continue to pay some or all of their bills.
Under a Chapter 13 bankruptcy, you submit a minimum 36 month up to 60 month payment plan to the bankruptcy court. This payment plan includes whatever portion of your bills that you can afford to pay.
At the end of the payment plan, if there are any unpaid bills, you are ordinarily released from paying any additional amounts on those bills.
There are several benefits to filing a Chapter 13 bankruptcy. One important benefit is that you can stop a foreclosure on your home or stop a bank from repossessing your car. Chapter 13 allows you to catch up on past due house payments or car payments so that you will not lose your home or your car. Another important benefit is that you can stop your creditors from harassing you even though you may have previously filed a Chapter 7 bankruptcy. Chapter 13 also protects co-signers.
There is one major difference between a Chapter 13 and a Chapter 7 bankruptcy. Under a Chapter 13 bankruptcy, you are responsible for making some payments to your creditors. Under a Chapter 7 bankruptcy, you do not have to make any further payments to any of your creditors.
Chapter 7 Debt Relief
Contemplates an orderly court-supervised procedure by which a trustee takes over the assets of the debtor's estate, reduces then to cash, and makes distribution to creditors, subject to the debtor's right to retain certain exempt property and the rights of secured creditors. Because there is usually little or no nonexempt property in most ch. 7 cases, there may not be an actual liquidation of the debtor's assets. In most cases, if the debtor is an individual, he or she receives a discharge that releases him or her from personal liability for certain dis chargeable debts. The debtor normally receives a discharge just a few months after the petition is filed.
Chapter 7 bankruptcy is often referred to as liquidation because a bankruptcy trustee can liquidate (convert to cash) your non-exempt assets to pay part of your outstanding bills. The term liquidation is rather misleading, though, since most people filing bankruptcy in Chapter 7 cases do not have any non-exempt assets, and thus there is no actual liquidation.
Chapter 7 bankruptcy cases move relatively quickly, and you may receive your discharge in just a few months. A discharge will eliminate unsecured debts like credit card debt, medical bills, most personal loans, judgments resulting from car accidents, deficiencies on repossessed vehicles, some older tax debts, payday loans, and garnishments. Certain debts are classified "non-dischargeable debts" and cannot be discharged, or can only be discharged under very specific circumstances. These include child support, most student loans, and many tax debts.
Before filing for Chapter 7 bankruptcy, you will have to qualify through a Chapter 7 means test. It was introduced in 2005.
Generally, under a Chapter 7 bankruptcy, you are able to keep all of your possessions, including your house and your vehicles. However, if you plan on keeping your house and vehicles, you are required to continue making the payments on them. You must list all of your bills on a Chapter 7 bankruptcy. You still have the option of paying any bill that you wish to pay, even though you have filed bankruptcy on the other bills.
Once you have filed for a Chapter 7 bankruptcy, your bills will be canceled and you will no longer have to pay them. A person is allowed to file a Chapter 7 bankruptcy once every 8 years.
A Chapter 13 bankruptcy is available for people who have steady incomes and want to or are able to continue to pay some or all of their bills.
Under a Chapter 13 bankruptcy, you submit a minimum 36 month up to 60 month payment plan to the bankruptcy court. This payment plan includes whatever portion of your bills that you can afford to pay.
At the end of the payment plan, if there are any unpaid bills, you are ordinarily released from paying any additional amounts on those bills.
There are several benefits to filing a Chapter 13 bankruptcy. One important benefit is that you can stop a foreclosure on your home or stop a bank from repossessing your car. Chapter 13 allows you to catch up on past due house payments or car payments so that you will not lose your home or your car. Another important benefit is that you can stop your creditors from harassing you even though you may have previously filed a Chapter 7 bankruptcy. Chapter 13 also protects co-signers.
There is one major difference between a Chapter 13 and a Chapter 7 bankruptcy. Under a Chapter 13 bankruptcy, you are responsible for making some payments to your creditors. Under a Chapter 7 bankruptcy, you do not have to make any further payments to any of your creditors.
Chapter 7 Debt Relief
Contemplates an orderly court-supervised procedure by which a trustee takes over the assets of the debtor's estate, reduces then to cash, and makes distribution to creditors, subject to the debtor's right to retain certain exempt property and the rights of secured creditors. Because there is usually little or no nonexempt property in most ch. 7 cases, there may not be an actual liquidation of the debtor's assets. In most cases, if the debtor is an individual, he or she receives a discharge that releases him or her from personal liability for certain dis chargeable debts. The debtor normally receives a discharge just a few months after the petition is filed.
Chapter 7 bankruptcy is often referred to as liquidation because a bankruptcy trustee can liquidate (convert to cash) your non-exempt assets to pay part of your outstanding bills. The term liquidation is rather misleading, though, since most people filing bankruptcy in Chapter 7 cases do not have any non-exempt assets, and thus there is no actual liquidation.
Chapter 7 bankruptcy cases move relatively quickly, and you may receive your discharge in just a few months. A discharge will eliminate unsecured debts like credit card debt, medical bills, most personal loans, judgments resulting from car accidents, deficiencies on repossessed vehicles, some older tax debts, payday loans, and garnishments. Certain debts are classified "non-dischargeable debts" and cannot be discharged, or can only be discharged under very specific circumstances. These include child support, most student loans, and many tax debts.
Before filing for Chapter 7 bankruptcy, you will have to qualify through a Chapter 7 means test. It was introduced in 2005.