Here’s what CAN happen in a Chapter 7 Chapter:
- Take away your legal responsibility to pay again most of your debt.
- Cease debt collectors from contacting you.
- Cease pending civil lawsuits and garnishments of your wages.
- Cease a lender from repossessing your car.
- Cease a foreclosures of your private home for restricted interval.
Here’s what CANNOT happen in a Chapter 7 Chapter:
- Take away your legal responsibility to pay again your pupil loans, taxes and little one help.
- Take away your lender’s secured curiosity in your house or car.
- Take away legal fines or court docket ordered restitution.
- Take away your legal responsibility for brand spanking new money owed that happen after submitting.
Here’s what CAN happen in a Chapter 13 Chapter:
- Cease a foreclosures of your private home and permit you to embrace your mortgage arrears so you’ll be able to compensate for missed funds.
- Reorganize your funds so that you simply pay your collectors again over 5 years, then if there are any excellent money owed after that point, you obtain a discharge of any excellent unsecured money owed.
- Embrace tax money owed in your fee plan to be able to pay again the tax authorities.
- Cease debt collectors from contacting you.
- Cease a lender from repossessing your car.
- Permits you to cramdown or decrease the mortgage of your car to the current worth.
Here’s what CANNOT happen in a Chapter 13 Chapter:
- Embrace any legal fines or court docket restitution in your fee plan.
- Take away your lender’s secured curiosity in your house or car.
- Take away your legal responsibility for brand spanking new money owed that happen after submitting.
- Discharge any pupil loans or owed little one help.
CALL NOW FOR A FREE STRATEGY SESSION FROM A MN BANKRUPTCY LAWYER AT LIFEBACK LAW FIRM
So, you probably have any questions on your debt and also you’re considering of submitting for chapter, please attain out to Minnesota’s nicest chapter regulation agency by going to www.lifebacklaw.com. You gained’t remorse it!
