Bankruptcy Law is a consumer protection law, which is a federal process that allows you to have your qualifying debts cancelled/discharged. The bankruptcy law is written with the goal of giving a person a "fresh start". The law recognizes that bad and/or unexpected things can happen to good people, like illness, job loss, divorce, etc.
The result is sometimes you simply do not have enough money to pay your creditors and credit cards. Bankruptcy law recognizes that there are sometimes circumstances that are beyond your control, which can only be addressed through the cancellation of debts. The most common types of bankruptcy are Chapter 7 and Chapter 13.
The result is sometimes you simply do not have enough money to pay your creditors and credit cards. Bankruptcy law recognizes that there are sometimes circumstances that are beyond your control, which can only be addressed through the cancellation of debts. The most common types of bankruptcy are Chapter 7 and Chapter 13.
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In most circumstances, a Chapter 7 bankruptcy will allow you to be absolved from the responsibility of paying most debts. Chapter 7 is the common term which refers to the section of the United States Code which governs this type of bankruptcy protection. In most cases, you will not be able to file a Chapter 7 if you have already been discharged under Chapter 7 in the last 8 years.
When you file Chapter 13 you are allowed reorganize your debts. This type of bankruptcy is sometimes called a "wage earners plan", and is generally used by individuals who have a regular income. The chapter 13 plan will provide for monthly payments to the court for up to 60 months. The plan payment based on the debtor's income and ability to pay.
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