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Sunday, July 16, 2006

What's the difference between Chapter 7 and Chapter 13 bankruptcy?

What is the difference between a Chapter 7 and a Chapter 13 Bankruptcy?

I get calls all day with this exact question. Although they are both bankruptcies, clients who file have different goals and rationale for filing:


Chapter 7 is a complete liquidation. It is designed for individuals and certain companies who do not have the ability to pay their debts. In chapter 7, the trustee will liquidate any non-exempt property in order to distribute the proceeds to creditors according to the Bankruptcy Code. Each state allows the debtor to exempt, or protect, certain assets, which the debtor can keep after bankruptcy. In reality, most debtors do not have significant assets worth liquidating. But to be sure, contact an attorney at the Chicago Bankruptcy Network to review your assets and exemptions available to you.

Chapter 13 enables individuals with steady income to repay their debts over time, with court protection from their creditors. Chapter 13 can be used to stop foreclosure of your home, or it may be used to stop your vehicle from being repossessed. Often, debtors are able to repay their creditors at a discounted rate, depending on their individual situations. Call a lawyer from the Chicago Bankruptcy Network today to see if Chapter 13 is right for you.

Thanks
Terry Leeders
Leeders & Associates, Ltd.
,member of http://www.chicagobankruptcynetwork.com

Thursday, July 13, 2006

Chicago Bankruptcy Blog

Chicago Bankruptcy

Leeders & Associates, Ltd. are friendly, experienced Chicago bankruptcy attorneys who provide professional legal services to the Chicago area. While focusing primarily on personal bankruptcy law (Chapter 7 and Chapter 13), we offer an array of legal services to clients throughout Chicago and the surrounding suburbs.

go to http://www.leederslaw.com or call 312-427-7400


We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Member of the Chicago Bankruptcy Network.

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