Chapter 7 and Chapter 13 Bankruptcies

Personal bankruptcy is a difficult process for someone to go through, but many people are scared because they simply do not know what the process is like and how it will affect their lives. Gathering information about bankruptcy and what it would mean for you and your family helps to aleviate some of the uneasiness.

The two types of personal consumer bankruptcies are Chapter 7 bankruptcy and Chapter 13 bankruptcy. In a Chapter 7, the debtors are able to discharge all or part of their debt. In a Chapter 13, debtors agree to a payment plan to repay part of all of their debt.

During a Chapter 7 bankruptcy, you will likely be required to liquidate assets and then turn them over to your creditors first. This includes money in your checking and savings accounts. Some of your assets may be exempt in the bankruptcy process for a Chapter 7-laws vary by state. Generally after you liquidate your non-exempt assets, they are divided between your creditors and the rest of your debt is discharged. However, in the majority of Chapter 7 bankruptcies, most of people’s assets are exempt and therefore do not need to be liquidated.

In a Chapter 13 bankruptcy, individuals organize a payment plan to repay creditors. The individual will submit the plan to the court for approval and began making payments to the trustee, who then pays the creditors.

Bankruptcy is different for each individual, and there are many variables in each case. Please contact our firm for a free consultation.

Benjamin Brand Services-Chicago bankruptcy attorneys.

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Why Choose Us?

  • You can meet with an experienced law Partner in the Firm not some associate.
  • We concentrate in foreclosure defense and bankruptcy so we have more options to offer you then other attorneys
  • We also represent individuals in Chapter 11's that offer better loan workout and restructuring options then Chapter 13 and most bankruptcy lawyers do not know how to do it.
  • We offer a free no obligation consultation where we will discuss your option or options, tell you the pros and cons of each one, the fees and costs and help you make an informed decision. There can be more then one solution!
  • We offer affordable payment plans and fixed fees in most cases.