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FAQ


Frequently Asked Questions

What is a Chapter 7 Bankruptcy?

Chapter 7 Bankruptcy, also known as liquidation or straight bankruptcy, involves the your nonexempt assets being applied to your debts where after most, if not all, of your unsecured debt will be discharged, or wiped out.

Most Chapter 7 Bankruptcy filers do not have any nonexempt assets, as such there is rarely a true “liquidation.”

What is a Chapter 13 Bankruptcy?

Chapter 13 Bankruptcy, also known as reorganization bankruptcy, is intended for individuals with a regular income that is above the prescribed limit in the Bankruptcy Code allowing them to pay off a portion of their debts over three to five years.

Should I file under Chapter 7 or Chapter 13?

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Will the bankruptcy stop bill collectors from calling?

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Can I use bankruptcy to stop foreclosure on my home?

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Can I use bankruptcy to stop repossession of my car?

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