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July 2019 Archives

Choose the right bankruptcy option for you: Chapter 7 or 13

If you're considering divorce, you need to think about what kind of divorce you want to go through. There are two primary forms of divorce that people tend to choose, either Chapter 7 bankruptcy or Chapter 13. Chapter 7 is also known as liquidation bankruptcy, while Chapter 13 is a repayment plan.

Basics of the Chapter 13 bankruptcy repayment plan

For people who are in financial duress but still hold a steady source of income, Chapter 13 bankruptcy is often the best form of debt relief. In a Chapter 13 bankruptcy filing, all the debts are combined, and the debtor makes regular payments to the bankruptcy case trustee to clear all debts. This method is known as the repayment plan and covers repayment of priority, secured and unsecured debts.

Who is eligible to file for bankruptcy under Chapter 7?

Sometimes, debts accumulated by an individual are so high that the only way to repay the debt and make a fresh financial start is to file for bankruptcy. Those debtors who have no or negligible income can file for liquidation bankruptcy under Chapter 7 of the Bankruptcy Code. However, the eligibility to file for Chapter 7 bankruptcy is only confirmed when a debtor has met certain conditions. Residents of Fort Lauderdale and the nearby areas in South Florida who can relate to these challenges may wish to continue reading.

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