Bankruptcy can be filed under various chapters of federal law depending on who the debtor is and how they want to handle their debt.
Chapter 7 is often referred to as a liquidation bankruptcy. When a person files for bankruptcy under Chapter 7, eligible debt will be discharged and the individual may keep any assets or property that are exempt under the bankruptcy laws. Any assets that are not exempt will be surrendered and used to pay debts owed to creditors.
Chapter 13 allows debtors with steady income to manage debt by establishing a repayment plan that will be carried out over several years. Under Chapter 13, debtors retain their property if they comply with terms of the repayment plan.
The Bankruptcy Code allows for other types of proceedings, under various circumstances.
Contact Attorney Russ Whynacht to discuss your financial situation and determine whether bankruptcy is an appropriate solution.
This is a debt relief agency that assists persons in the filing of bankruptcy
under the Federal Bankruptcy Code.
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Attorney at Law
414 County Street
New Bedford MA 02740