Chapter 13 and Chapter 7 Bankruptcy Rules

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Chapter 13 and Chapter 7 Bankruptcy Rules

Wait, and think before you file bankruptcy. Filing for Bankruptcy is not an easy task. It requires a lot of documentation, planning and legal expertise, which are not possible for an individual to handle. Whether you are filing for Chapter 7 Bankruptcy or for the Chapter 13 Bankruptcy, it is very important that you have righteous guidance of a Bankruptcy Attorney or specialist. However, there are some debt management companies offering free bankruptcy services and guide on how to file for Chapter 13 Bankruptcy or Chapter 7 Bankruptcy.

Before understanding the Bankruptcy filing processes, it is very important to understand the Chapter 13 and Chapter 7 Bankruptcy rules.

Chapter 7 Bankruptcy Rules

Under this Bankruptcy, most of the unsecured debt dues are eliminated completely.
The debtor has to surrender almost everything that he has except Hose hold furniture and clothing.
The debtor has to make the earliest repayment of the pending dues within few months of time.
The creditor can only stop contacting after you file bankruptcy under Chapter 7, or you have repaid the entire debt amount.
If, the debtor has gone through the Credit Counseling sessions he can file for Chapter 7 Bankruptcy.

Chapter 13 Bankruptcy Rules

Under this Bankruptcy, after making repayment of the past dues over the certain time window, the debtor can retain back his property.
The debtor is given some exemption, wherein he can keep his mortgaged home and car.
The debtor has enough time of three to five years to repay the debt amount.
The debtor is asked to contact the Bankruptcy trustee or attorney to make payments every month. Only the trustee can distribute the money among the creditors.
If, the debtor has the pending dues or debt of less than $3,36,900 as unsecured and less than $1,010,650 as secured, only then Chapter 13 Bankruptcy can be filed.

Now, the next question is how to file for chapter 13 Bankruptcy and Chapter 7 Bankruptcy. The first thing to file bankruptcy is to contact the profession Bankruptcy attorney. After that, you have to prepare all the relevant documents and financial supportive. If you file for the bankruptcy under the proper guidance of the experience attorney, the process will be no more complex.

There are some companies offering free bankruptcy services such as free credit counseling, 24/7 customer services and free application form. What all you need to do is to fill an online application form, then online bankruptcy attorney will contact you to solve your Bankruptcy related problems.

Loansstore provide information on How to file for bankruptcy is not a difficult thing to do if you have proper and professional guidance of the experienced and expert Bankruptcy attorney. If, you are going to file bankruptcy under Chapter 7 or Chapter 13 bankruptcy by yourself, make it very sure that you are aware of all the consequences, otherwise you may lose everything of yours.

 

Loansstore provide information on How to file for bankruptcy is not a difficult thing to do if you have proper and professional guidance of the experienced and expert Bankruptcy attorney. If, you are going to file bankruptcy under Chapter 7 or Chapter 13 bankruptcy by yourself, make it very sure that you are aware of all the consequences, otherwise you may lose everything of yours.
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