An Example Of a Chapter 13 Bankruptcy

: Chris Lee Law Firm

  Filed under: Chapter 13

chaper 7, bankruptcy, attorney, attorneys, lawyer, lawyers, dallas, texas, tx, fort worth, mckinney, hurst, law firm, tx, bankruptcy process, debt collector, chapter 13,For those that are entering into a Chapter 13 bankruptcy they will soon discover that it is far different than what they may have perceived as a bankruptcy. Most people are more familiar with the Chapter 7 bankruptcy which usually expunges the majority of the debts for those that are able to qualify for this chapter.

There are some individuals who do still have an income coming in but their debt load is so great that they are not able to meet their financial obligations. For this reason the Chapter 13 bankruptcy is also referred to as a wage earners bankruptcy. It is because they still have a source of income.

For individuals that are concerned about losing their assets this is less likely to happen in the Chapter 13 bankruptcy provided they follow the plan that will be set up for repayment. The type of debts will be categorized and then how they are handled will depend on their categorization.

Most often a majority of the debts are paid back in full over a period of time while others only receive a portion and then there are some debts that will be totally wiped out. It is important the individual that is seeking any form of bankruptcy utilizes the services of a qualified bankruptcy attorney as this form of law can be complex and having the right help avoids disappointment of not having a successful bankruptcy completed.

No matter which chapter the individual is going through they will find that there is a great deal of both emotional and financial relief once a successful conclusion with the bankruptcy is been reached.

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