Chapter 7 and Chapter 13 Bankruptcy

Bankruptcy filing in new smyrna, port orange, edgewater, oak hill

Chapter 7 Bankruptcy

Often referred to as a "fresh start", Chapter 7 bankruptcy could be the financial relief tool to help you. The reason is most (but not all) unsecured debts are discharged (i.e. eliminated) such as credit card debt, utility bills, medical bills, and loans.

Chapter 7 bankruptcy comes from the United States Bankruptcy Code and this determines the qualifications for who can file a Chapter 7 bankruptcy. They are:
No prior bankruptcy in the past 6-8 years (depending on the type of bankruptcy previously filed)
Pass the means test

Learn more about Chapter 7 Bankruptcy including the advantages and disadvantages.
Chapter 7 Bankruptcy

Chapter 13 Bankruptcy filing in new smyrna, port orange, edgewater, oak hill

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is sometimes referred to as a "repayment" plan because debtors pay some or all of their unsecured debts (interest free) over a 3-5 year plan.
Your bankruptcy payment is based on what you can afford to pay (income minus expenses). Thus, each plan is unique to each client.

There are a few specific eligibility requirements for filing bankruptcy. First, is necessary to have the ability to make a payment on a bankruptcy plan. Second your debt may not exceed:
$1,149,425 in secured debt
or $383,175 in unsecured debt

Learn more about Chapter 13 Bankruptcy including the advantages and disadvantages.


Chapter 13 Bankruptcy

Federal Law says we must state this: We are a debt relief agency. We help people file for relief under the Bankruptcy Code.