There are two types of consumer bankruptcy. They are Chapter 7 and Chapter 13 bankruptcies. A chapter 7 bankruptcy gets rid of all of your dischargeable debts. You can keep your cars, house and other assets in most cases. If you have a car loan or a house loan and you want to keep the assets then you will have to keep paying on them. A chapter 7 bankruptcy will get rid of your credit card debts, your medical bills and your personal loans. You will also escape liability on your house and car loans so that if you want to let them go you can.
A chapter 13 bankruptcy is the bankruptcy in which you pay your creditors some of what you owe them for a period of time and the remainder of what you owe them is discharged. You can pay on your debts for between 3 and 5 years. The chapter 13 bankruptcy will help you catch up on your house payments if you are behind so that you can save your house. The chapter 13 bankruptcy is the bankruptcy for people who have a higher income and still need to file bankruptcy.
A personalized consultation with attorney Heather Moseman will determine which chapter of bankruptcy will best solve your financial problems.
For a more detailed explaination of the different chapters in bankruptcy go to Services.
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