Are there different types of bankruptcies?
Yes, Chapter 7 and Chapter 13, and there are standard debt and income/asset limits to qualify for either plan.
If eligible, most people choose a Chapter 7 bankruptcy because this plan does not require them to pay back any portion of their debt. When you file a Chapter 7 bankruptcy an “automatic stay” takes effect. This action is temporary but immediately stops most creditors from attempting to collect your debt using collection methods like wage garnishment, taking money from your bank accounts or cutting off utilities.
When you choose a Chapter 13 Plan, in most instances, you will be permitted to pay back your creditors a percentage of the total amount you owe them. The amount you pay is determined by your income, your necessary expenses and the nature of the debt. Attorney Wendi Henderhan has years of expertise in setting up Chapter 13 Plans and will work with you to create a fair and financially suitable reorganization of your debts.
Bankruptcy laws are complicated, and every case is different. You deserve to have your questions answered by a licensed attorney…not a paralegal from a big law firm. Attorney Wendi Henderhan is an experienced, knowledgeable, local Bankruptcy attorney. She will review with you every detail of your plan and keep you informed each step along the way toward your financial future.
Contact Henderhan Law today to get your questions answered and arrange your free consultation.