Bankruptcy

Anyone can experience trouble with finances. Bankruptcy gives a fresh start to people dealing with financial problems stemming from divorce, medical conditions, mortgage foreclosure, credit problems, and lawsuits.

Filing for Chapter 7 Bankruptcy is a tough decision that shouldn't be undertaken lightly. If you're in a difficult financial situation that just keeps getting worse, it may be the opportunity you need to seek broad protection against creditors, regain control of your financial life, and rebuild your credit after bankruptcy.

Chapter 7 Bankruptcy is often referred to as liquidation because a bankruptcy trustee can liquidate (convert to cash) your non-exempt assets to pay part of your outstanding bills.

Chapter 13 Bankruptcy is for people who have been derailed by a crisis and fallen behind on their bills, but who have regular income and are in a position to make regular monthly payments, a Chapter 13 Bankruptcy plan may allow the breathing room necessary to get back on track.

If all payments have been made as scheduled, unsecured debt remaining at the end of the plan may be discharged.