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Bankruptcy

Chapter 7

Most unsecured debts can be discharged, and most garnishments stopped, through a chapter 7 bankruptcy. Some unsecured debts – such as student loans, debts owed to a government entity, and child/spousal support – may not be discharged. Debtors are entitled to certain property rights and exemptions under the law, meaning that you can keep certain amounts of equity and certain property even though you file bankruptcy. You should consult with an attorney to determine whether a chapter 7 bankruptcy is best for you.

Chapter 13

A chapter 13 bankruptcy is a repayment plan administered by the Bankruptcy Trustee. Instead of paying your creditors directly, you make a monthly payment to the Trustee, who distributes the funds to your creditors on a pro-rata basis. The repayment plan can last no longer than 60 months. Unsecured debt not paid off during that time period is discharged. You should consult with an attorney to determine whether a chapter 13 bankruptcy is best for you.

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