The most common types of
bankruptcy are Chapter 7 and Chapter 13. During this difficult and complex
time, Sargent Law Firm PLLC
can assist you in understanding your options for
your specific situation.
Under Chapter 7 of the United
States Bankruptcy Code, most of your unsecured debts will be “discharged” so
that you will never need to repay those debts. Unsecured debts include credit
card debt, unsecured lines of credit, unpaid rent, some judgments and liens,
medical bills, shortage claims from vehicle repossessions and home short sales,
to name a few. You may be able to keep your house and vehicle if you are
current with your payments.
Chapter 13 bankruptcy is an
important option in dealing with past due debts when you have steady income
that is above the income limits for a Chapter 7. If you do not qualify
for Chapter 7 bankruptcy due to income levels may be able to relieve debt and
collection activities in a Chapter 13 bankruptcy while keeping secured property
such as your home and vehicle.