WE ARE A DEBT RELIEF AGENCY. WE HELP PEOPLE FILE FOR BANKRUPTCY RELIEF UNDER THE BANKRUPTCY CODE
Chapter 7 or 13 bankruptcy may help.
Chapter 7 is known as the “liquidation Chapter.” It discharges most unsecured debts and gives the debtor a “fresh start”. A Chapter 7 case is often called a “no-asset” case since most debtors that file Chapter 7 have no assets once exemptions are applied.
Chapter 13 is known as the “repayment Chapter” and is designed for individuals with a regular source of income who otherwise does not qualify for, or desire, a Chapter 7 bankruptcy. After completing the “means test,” a payment plan is worked out to repay both secured and unsecured creditors. Often the payments in a Chapter 13 plan are considerably lower than if wages were garnished or regular credit card payments were made. Unsecured debt is frequently repaid at 10 cents on the dollars during a 3-year or 5-year plan.
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