Chapter 7 bankruptcy
Available to individuals, sole-proprietorships, partnerships, and corporations, a Chapter 7 bankruptcy eliminates certain debts, giving the debtor a fresh start. Chapter 7 can discharge a debtor’s liability on most unsecured debts, such as credit cards, personal loans, medical bills, and repossession/foreclosure deficiencies. It may also discharge liability on any secured debts such as a home or car loan where the collateral is given back to the lender. The process generally takes around four months from start to finish. Upon completion, the debtor’s debts are eliminated or discharged, meaning the debtor no longer owes on those debts. The Law Office of Christian J. Younger will guide you through each stage of the bankruptcy process and ultimately put you on a path towards rebuilding.
Chapter 13 bankruptcy
Chapter 13 is a reorganization that allows individuals to consolidate their debts into one monthly payment over a 3-5 year period, while generally paying less than 100% of unseucred debts. It can also lower interest rates on some secured debts, like car loans. Because you are continuing to pay on your secured debts, you will likely be able to keep all of your property. Chapter 13 is ideal for catching up on missed mortgage, car, and tax payments and thus preventing foreclosures and repossessions. The Law Office of Christian J. Younger will put together a plan of reorganization and assist you through the entire bankruptcy process.
