Month: December 2016

Bankruptcy refers to a federal court procedure that allows debtors to catch up on their debts by having some of them discharged and others repaid, depending on the type of bankruptcy. The process is available to both businesses (which often …

Chapter 7 is called “liquidation” bankruptcy because filers may lose some of their property, with some important exceptions. Chapter 7 is reserved for individuals and businesses with little or no ability to repay debts in the future. So those who …

For those with a steady income that exceeds Chapter 7’s limitations, but who face unmanageable debts, Chapter 13 may be the best (if not only) option. One of the upsides of a Chapter 13 bankruptcy is that the debtor often …

If you meet the eligibility requirements for both Chapter 7 and Chapter 13 bankruptcy, then you may choose which type to file. Otherwise, you may not have a choice. Those with an income higher than the median income for a …

Chapter 7 – Bankruptcy takes about 5 months, although your dischargeable debts are gone the day we file your case. Chapter 13 – Debt Consolidation takes 3 to 5 years to repay debts unless you decide to pay faster.