In this terrible economic climate many people may have to resort to bankruptcy. it may be the only solution to solve their financial problems. There are two types of bankruptcy that apply to most people. These are called Chapter 7 and Chapter 13. Chapter 7 is a liquidation plan. This allows people to discharge all of their unsecured debt and either give back secured debt or reaffirm the debt. Chapter 13 is named a Wage Earners Plan. Under the term of this bankruptcy the person re-structures their payments over a five (5) plan. There are exceptions to each of these bankruptcy plans. To learn the limitations of each the individual must consult a qualified bankruptcy attorney.
Frank Coxwell is a bankruptcy attorney who works at Coxwell & Associates. Frank is a nationally recognized speaker in the areas of bankruptcy and debtor creditor relations. If you have a bankruptcy question don’t hesitate to call and ask Frank for a free consultation.
Disclaimer: This blog is intended as general information purposes only, and is not a substitute for legal advice. Anyone with a legal problem should consult a lawyer immediately.