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What is Chapter 13?
Chapter 13 is one method under the Bankruptcy Code to obtain relief from your creditors, while at the same time providing a fair means to pay them back as much as you can. People who file Chapter 13 cases are commonly referred to as “debtors.”
What is Chapter 7?
In Chapter 7 bankruptcy, many of your assets are liquidated to pay off your debts. However, some property is exempt. If you live in a state where certain personal property is exempt, you will not need to give up any of these personal belongings. In most states, these items include books, household belongings, clothing, appliances, and wedding rings. In other cases, you are allowed to keep items that are worth up to certain amounts. For instance, some states allow you to keep a vehicle worth up to $4000 or a certain amount of jewelry. Some states even will consider livestock, horses, and firearms to be exempt personal items.
For many people, bankruptcy sounds like a freeing option and also a terrifying one. It can be a complicated process, but it is the best option for many people struggling with excessive debts and it will stop the foreclosure of your home too.
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Bankruptcy Tip # 1
Many of the fears and second thoughts regarding bankruptcy are actually myths. Most people believe that they understand the process and consequences of bankruptcy even though they have never been through the process. These myths can actually hurt people, because people will continue to live with unmanageable debt rather than discharging it once and for all. If you want to make an informed decision based on fact, consider the following myths and truths about bankruptcy.
Bankruptcy Tip # 2
People who file bankruptcy can never get a credit card or loan.
This is one of the most incorrect and most dangerous assumptions about filing bankruptcy. First, a bankruptcy will only stay on your record for seven to ten years. While this may seem like a long time, it would likely take you much longer to pay off the debt that will be discharged. Second, many credit cards and banks offer "second chance" loans, cards, and accounts. If you handle these second chances responsibly, you can begin rebuilding your credit record immediately. It is very possible to have a better credit record 3 years after bankruptcy than you did in the months before it.
Bankruptcy Tip # 3
Creditors can come after you for debts even after bankruptcy.
Once a debt has been discharged, it legally does not exist. Creditors cannot harass you or even mention your former debts to them. Some types of debt, like child support and student loans, are not eligible for discharge. Your bankruptcy lawyer can explain which debts will be discharged and which will not. T=If a debt is discharged, the creditor knows that they cannot contact you about the debt without risking charges of harassment.
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Cherry Hill, New Jersey 08002
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