Debtor Rights – Protecting the Rights of Debtors
Chapter 7 Bankruptcy
Chapter 7 bankruptcy protection is designed to eliminate most of the unsecured debts of an individual or business. Unsecured debt is an obligation that does not have specific property as collateral, such as a house or a car. The process is often referred to as a “liquidation bankruptcy” because the property and/or assets of the debtor are sold in order to pay off as much of the debt as possible. Any debt that remains is then eliminated or discharged. If you are unable to pay your debts and need a fresh start, our experienced bankruptcy attorneys can help you explore your options.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is known as a reorganization bankruptcy in which you set up a repayment plan to pay off debts with future income. Unlike a Chapter 7 bankruptcy, however, you are allowed to keep your property. This form of bankruptcy is only designed for individuals and married couples; businesses are not eligible. If you are struggling to pay your debts, our experienced attorneys can help you set up a Chapter 13 repayment plan.