Bankruptcies 

We deal with Chapter 7 and Chapter 13 Bankruptcies at Hildebrand Law. 

Chapter 7 Bankruptcies are liquidation bankruptcies. They allow the Trustee to sell any non-exempt property in order to pay the creditors. You can keep your exempt property, which may include your residential property (if the equity is less than the exemption amount), your motor vehicle (so long as you enter into an agreement with the creditor to continue making the payments and are current on your payments prior to the discharge, called a reaffirmation agreement). In these cases, a discharge of your debts may be granted three months after filing for bankruptcy.  There is no required payment plan to the trustee and discharge is easier to obtain.

Chapter 13 Bankruptcies are reorganization bankruptcies. They require the debtor to commit to a payment plan, and if is not upheld- will cause the case to be dismissed, allowing creditors to restart the collection process. Some reasons to consider a Chapter 13 bankruptcy include: your income does not qualify for a Chapter 7 and you have too much equity in your home and would not be able to keep it if you filed a Chapter 7. 

Most debts can be discharged in a Chapter 7 Bankruptcy. However, certain debts are generally not dischargeable such as: child support or alimony, tax debts or  government debts.  

If you're considering filing a bankruptcy, contact us to see which of your options might be best for you.