Chapter 7 Bankruptcy covers the liquidation of the debtor’s nonexempt property in order to pay creditors. This type of bankruptcy does not involve submitting a plan for the repayment of the debt as does a Chapter 13 filing. It is important to note that a Chapter 7 filing could result in the loss of property such as homes depending on the mortgage and liens on the property.
Individuals, partnerships, or corporations can file for Chapter 7 bankruptcy relief.
If you have questions about filing for Chapter 7 bankruptcy, please contact Glenn E. Cooper to find out the best path forward.
Chapter 13 Bankruptcy provides the opportunity for a debtor to adjust debts as long as the debtor has regular income. The most important benefit of a Chapter 13 Bankruptcy filing is that it allows the debtor to create a plan to repay all or part of debts over time while keeping property as long as the debtor has a regular income stream. There are a number of benefits to Chapter 13 bankruptcy filing over a Chapter 7 liquidation filing:
An individual can proceed with a chapter 13 bankruptcy filing if unsecured debts are less than $360,475 and secured debts are lower than $1,081,400.
If you have questions about filing for Chapter 13 bankruptcy, please contact Glenn E. Cooper to find out the best path forward.