What is bankruptcy? How does it work in the Palm Beaches? Should I file for Bankruptcy? Will I lose my house? Who is eligible for Bankruptcy? What´s a Chapter 7 or 13? How bankrupt am I? Get bankruptcy answers from Walker Law Firm, a West Palm Beach Attorney.
WHAT IS BANKRUPTCY
So What Exactly is Bankruptcy?
Bankruptcy provides a solution to insurmountable debt and the stress that comes along with it. The idea of having your debt eliminated or reduced is reason enough for filing for bankruptcy relief.
Will it wipe out all your debts?
Under the protection of your local West Palm Beach court, the federal government has designed a way for its citizens, consumers, and corporations aike eliminate their debts and / or repay some of it.
Sometimes known as a liquidation for Chapter 7 or a reorganization for Chapter 13, they are two distinct bankruptcies. A chapter 7 bankruptcy is where you ask the court to discharge (wipe out) the debts you owe to your creditors.
Now here is where bankruptcies differ between Ch. 7 vs Ch 13
A chapter 13 bankruptcy is a proposal to repay your creditors. There is a bankruptcy plan that is establishes how you will be paying your creditors. In some chapter 13 cases, the court will order you to either repay your debts in full, partial, or none at all.
The plan allows you to plan on what you can really afford. For more information on bankrupcty, please call local bankruptcy attorney and resident, Edwin Walker at 561.689.1512