_Consumer Bankruptcy
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Chicago bankruptcy attorney - When everyday Americans get into a situation where they can’t keep up with their bills, consumer bankruptcy may be a source of relief.
Chicago bankruptcy attorney - Consumer bankruptcy is a legal proceeding in which families can either wipe out their obligation to repay some or all of their debts, or repay your debt through installments paid to a bankruptcy trustee
Chapter 7 bankruptcy allows consumers can either wipe out their obligation to pay back most types of debt. Chapter 7 bankruptcy is also known as a Fresh Start Bankruptcy because it releases filer’s from any personal liability for the debts that they’ve incurred. In return for the “fresh start” a bankruptcy trustee can sell a Chapter 7 filer’s assets to repay his or her creditors. Many assets are protected by bankruptcy exemptions though, and most filers don’t lose anything.
Chapter 13 bankruptcy is the other most common form of consumer bankruptcy and is often called a "wage earner" bankruptcy because, the bankruptcy code requires a regular income to fund a repayment plan.
When families file for Chapter 13 bankruptcy, they have to propose a repayment plan that lays out how you are going to pay back your debts over the next three to five years. The exact amount that consumers are required to pay depend on individual circumstances such as income, the amount of debt, and what assets would be available for liquidation to repay creditors if the filer had filed a Chapter 7 bankruptcy.
Chicago bankruptcy attorney - When everyday Americans get into a situation where they can’t keep up with their bills, consumer bankruptcy may be a source of relief.
Chicago bankruptcy attorney - Consumer bankruptcy is a legal proceeding in which families can either wipe out their obligation to repay some or all of their debts, or repay your debt through installments paid to a bankruptcy trustee
Chapter 7 bankruptcy allows consumers can either wipe out their obligation to pay back most types of debt. Chapter 7 bankruptcy is also known as a Fresh Start Bankruptcy because it releases filer’s from any personal liability for the debts that they’ve incurred. In return for the “fresh start” a bankruptcy trustee can sell a Chapter 7 filer’s assets to repay his or her creditors. Many assets are protected by bankruptcy exemptions though, and most filers don’t lose anything.
Chapter 13 bankruptcy is the other most common form of consumer bankruptcy and is often called a "wage earner" bankruptcy because, the bankruptcy code requires a regular income to fund a repayment plan.
When families file for Chapter 13 bankruptcy, they have to propose a repayment plan that lays out how you are going to pay back your debts over the next three to five years. The exact amount that consumers are required to pay depend on individual circumstances such as income, the amount of debt, and what assets would be available for liquidation to repay creditors if the filer had filed a Chapter 7 bankruptcy.