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A local
bankruptcy attorney can help you understand the differences between Chapter 7 bankruptcy and
Chapter 13 bankruptcy, so that you can make an educated decision about the best next step for
you.
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evaluation by a local attorney.
Since the bankruptcy law change in 2005, there have
been a lot of misunderstandings about bankruptcy.
For instance, many people have been led to believe
that almost no one can file for Chapter 7 bankruptcy anymore. That’s simply not
true.
Although the new bankruptcy law that took effect in
October, 2005 added some hoops for debtors to jump through, consumer bankruptcy attorneys and
credit counseling agencies have found from the beginning that the Chapter 7 means test actually
prevents very few debtors from filing under Chapter 7.
In fact, some credit counseling agencies have said
that by the time most debtors come to them for the newly-required pre-filing credit counseling,
they have no other realistic option! The safety net of bankruptcy is still available to most
consumers in financial crisis.
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Bankruptcy
Information:
Chapter 7 bankruptcy and Chapter 13
bankruptcy offer different forms of protection. If you’re facing a financial crisis, a local bankruptcy attorney
can help you determine whether Chapter 7 bankruptcy or Chapter 13 bankruptcy might be the right answer for
you.
Generally speaking, Chapter 7 bankruptcy is intended to
wipe the slate clean by discharging unsecured debt—debts like credit card debt, medical bills, and unsecured
loans. Chapter 13 bankruptcy, on the other hand, is intended to give a debtor time to catch up past due
payments over a period of 3-5 years, while keeping secured property like houses and cars.
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