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Chapter 7 & 13


With unemployment rates at astronomical levels, many find themselves struggling to make ends meet. Moreover, many individuals will find themselves in further financial straits once the mortgage forbearance period ends, evictions are permitted, student loans once again become due and unemployment benefits return to normal. At this time, it is important to understand what bankruptcy is, and different options available to consumer debtors.

Bankruptcy is a proceeding in which a debtor asks the federal court to either discharge debts that are currently owed (Chapter 7), or to require the debts be paid over a period of time pursuant to a payment plan, with the possibility of certain outstanding loans be forgiven at the end of the term (Chapter 13).

Filing for bankruptcy does not necessarily require you to divest all of your assets. Federal law has provided protections where you may be able to keep certain property such as your home, car and other personal assets. Nevertheless, it is imperative to retain counsel to assist with the filing to make certain these types of assets are properly protected, otherwise you could face liquidation of property you otherwise could have retained.

While bankruptcy has the potential to erase various types of debts, there are several kinds that are not generally dischargeable. Some of these debts include taxes, child support, alimony and student loans.

If you need assistance with filing a bankruptcy proceeding, please do not hesitate to contact us.