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What’s the Difference Between Chapter 7 and Chapter 13?
Chapter 7 bankruptcy is a liquidation. Your property is designated either “exempt” property, which is protected or non-exempt, which is unprotected. Any unprotected property may be sold or liquidated (hence the term liquidation) on behalf of your creditors. In Chapter 13 instead of liquidating non-exempt property, you make a monthly payment based on your disposable income to a bankruptcy trustee who distributes the payment to your creditors. You make the monthly payment to consolidate your debt for 36 to 60 months. At the end of the payment term your debts are discharged. Because you are making your “best efforts to repay your debts”, the bankruptcy code rewards you by allowing you to restructure secured debts, reduce principal, reduce interest rates, cure arrears, and even remove liens on property.
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Our location is conveniently access from Emerald Street. With quick I-184 access from Curtis Road exit.