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Debt Relief: Difference between revisions
→Bankruptcy
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There are two types of personal bankruptcy: '''Chapter 7''' and '''Chapter 13'''. Chapter 7 bankruptcy and Chapter 13 bankruptcy are legal proceedings that are available to a person to cope with a financial crisis. Personal bankruptcy must be filed in a federal bankruptcy court. You will have to pay a minimal fee for court and attorney costs. | There are two types of personal bankruptcy: '''Chapter 7''' and '''Chapter 13'''. Chapter 7 bankruptcy and Chapter 13 bankruptcy are legal proceedings that are available to a person to cope with a financial crisis. Personal bankruptcy must be filed in a federal bankruptcy court. You will have to pay a minimal fee for court and attorney costs. | ||
*'''Chapter 7 bankruptcy:'''involves the liquidation of all your assets that are not exempt from the bankruptcy settlement. | *'''Chapter 7 bankruptcy:''' involves the liquidation of all your assets that are not exempt from the bankruptcy settlement. | ||
*'''Chapter 13 bankruptcy:'''is a court-ordered and approved repayment plan to your creditors. | *'''Chapter 13 bankruptcy:''' is a court-ordered and approved repayment plan to your creditors. | ||
The following questions were answered during a telephone interview with Robert M. Matson from the law offices of Akin, Webster, & Matson, PC | The following questions were answered during a telephone interview with Robert M. Matson from the law offices of Akin, Webster, & Matson, PC | ||