Are you contemplating filing for Bankruptcy? You need to understand the differences between the two main types applicable to most individual or joint debtors (persons who file a petition for discharge of their debts under the U.S. Bankruptcy law), chapter 7 and chapter 13.
In Chapter 7 Bankruptcy, also known as Liquidation, a court-appointed trustee reviews the debtor(s)’ estate for any assets that may have not been exempt from being sold to pay creditors, and then, the trustee would sell such assets to satisfy some of the debts.
Chapter 13 bankruptcy is better suited for debtors who have a regular income and want to keep their real estate assets, such as a house.
Learn more about the differences between chapter 7 and chapter 13 bankruptcy here.
Want to file for Bankruptcy? Contact a Bankruptcy Attorney in Ann Arbor to Help You!
If you need help filing for bankruptcy, consult a bankruptcy attorney in Ann Arbor for a free consultation on whether you qualify. (734) 665-4441
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