Here is What You Should Know About Chapter 7 & Chapter 13 Bankruptcy

Posted by Wesley Scott on March 12, 2020 at 9:52 AM
Wesley Scott

It’s hard to know where to even start when you are considering filing for bankruptcy. As with any legal proceedings there are so many moving parts and so much red tape! First things first, if you are considering filing for personal bankruptcy you need to know which chapters of bankruptcy are available to you and what the specifics are for each chapter.

Chapter 7 Bankruptcy: Your first (and the most common) option is filing for a Chapter 7 bankruptcy. This is often referred to as a “fresh start” bankruptcy. A Chapter 7 lasts between 3-6 months and wipes away your consumer debts –tax free. This includes credit card bills and medical debt! It’s essentially a reset button.

Chapter 13 Bankruptcy: The second option that you and your Kain & Scott attorney may arrive at is filing a Chapter 13 bankruptcy. This is a type of repayment plan (without worrying about all that interest!) A Chapter 13 consists of a 3-5 year plan in which you make affordable, monthly payments for the duration of the plan. Any debt that is not paid off by the end of your plan is wiped away! A Chapter 13 bankruptcy is ideal for catching up on important payments (i.e. mortgage or vehicle) so that you don’t have to worry about foreclosure or repossession.

Whether you and your Kain & Scott attorney decide a Chapter 7 or a Chapter 13 is best for you, Kain & Scott’s proven process makes filing stress free! The first step is to call our office at 800-551-3292 or request a FREE, NO-OBLIGATION consultation today at our website www.kainscott.com.

If you aren’t quite ready to take the leap and schedule a consultation today or if you still have unanswered questions or concerns about the bankruptcy process visit our information hub at www.kainscott.com, chat with a Kain & Scott team member online, or call our office to learn more!

Conclusion

KAIN & SCOTT is MN’s HIGHEST Google reviewed bankruptcy law firm! Visit www.kainscott.com today to request a consultation and start the process of filing your personal bankruptcy today!

 

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