Today we will be talking about two different types of bankruptcy that you can choose to file. Each one fits the needs of different clients and is recommended when appropriate.
· Chapter 7 Bankruptcy
This type of Bankruptcy may also be referred to as a “fresh start” or “liquidation”. Your debts are discharged or in other words canceled, but you may be required to surrender any non-exempt property to the trustee. However, you may keep secured property if you are current on all payment and continue making the regular monthly payments on the property.
· Chapter 13 Bankruptcy
This Chapter is also referred to as a “reorganization” or “wage earner plan”. Chapter 13 bankruptcy allows you to keep valuable property, including your home and car, which you may be in the process of losing due to past due payments. You are allowed to keep such property if you are in the position to make the necessary payments. Many times that will be the regular monthly payments, plus a payment that will go towards arrears. In this Chapter, you can have between three and five years to pay back the arrears.
If you or anyone you know would like more information regarding Bankruptcy please contact me for a free consultation at :
The Law Offices of Anca Iacob
7075 W. Bell Road, Suite 15
Glendale, AZ 85308
(623)266-0060
Please also take the time to visit my website at www.iacoblaw.com for more helpful information regarding Bankruptcy.
Also feel free to "like" my page on Facebook and become a "follower" on my twitter page to support my business. Both can be found under The Law Offices of Anca D. Iacob, PLLC.
No comments:
Post a Comment