When you file a Chapter 7 Bankruptcy, you are essentially “discharging” all of your debt, meaning, you will no longer have to pay them.
When filing your bankruptcy, you need to list ALL of your debts, such as car loans and home mortgages, among others. After filing a Chapter 7 Bankruptcy, all of your property will be part of what is known as a “bankruptcy estate;” however, this doesn’t mean that you have lost everything. Instead, it means that the court can take and sell certain types of your property to pay off your debt.
What does it mean to file a Chapter 13 Bankruptcy?
A Chapter 13 Bankruptcy is essentially a debt-consolidation; meaning, you have to pay your debts over a particular period of time. Oftentimes, the amount that you have to pay is lesser compared to what you actually owe – you just have to pay what you can and the rest of your debt will be discharged. Filing a Chapter 13 Bankruptcy is ideal for those who are behind on home mortgages, people who owe taxes, and those who have a property that they want to protect, among others.
How We Can Help
Filing a Chapter 7 or Chapter 13 Bankruptcy can be a complicated process and it is beneficial if you have an experienced attorney who can help you. This is where The Mercy Law Firm, LLC. can be of assistance. We have significant experience in handling both Chapter 7 and 13 Bankruptcy cases and we are ready to share our expertise with you.
Call us at 301-814-9595 for assistance. You can also Schedule a Consultation at your earliest convenience.