Back

What Are The Different Types of Bankruptcy | Fall River

Joseph Botelho | 673 Views | 03/10/2015

Bankruptcy Definition

The word “bankruptcy” means more than a general financial hardship. It actually describes a legal process which allows you to deal with your debts when you can no longer pay for them. A debtor usually files bankruptcy to obtain a bankruptcy discharge. This discharge means you’re no longer financially obligated to pay that debt.

Generally, married couples will file a joint bankruptcy case. However, in certain situations it is advantageous to only file for one spouse. Once the bankruptcy case is filed, creditors can no longer contact the debtor or sue them in court on the debts they have with the creditor. With only a few exceptions, the creditor has no claim on the debtors future income or assets.

3 Different Types of Bankruptcy

There are three forms of consumer bankruptcy cases. These are referred to by their chapter and the bankruptcy code. The bankruptcy code is Federal and not State Law. Cases are filed in a U.S. Bankruptcy Court. People with consumer debt, usually file bankruptcy under either Chapter 7 or Chapter 13 of the U.S. Bankruptcy code. Chapter 7 allows you to discharge your debt and Chapter 13 allows you to set up a payment plan which you may pay back a portion or all of the debt over a number of years. Businesses most likely file for bankruptcy under Chapter 11. But, it is also available to individuals in certain situations.

Debt, income, and assets are all considered when determining what is the best Chapter to file under a particular situation. We also offer credit repair services which allow you to get your credit score above 700 in as little as (2) years after bankruptcy. Most bankruptcy attorneys simply handle your bankruptcy and send you on your way.

Botelho & Associates

Here, at the Law Offices of Botelho & Associates, we are dedicated not only to helping you remove your debt, but also helping you get where you really deserve to be in life. Most people do not realize how important your credit is to doing that and we can help with that also. For information on  bankruptcy and scheduling your free bankruptcy consultation with an experienced attorney, please visit us at www.massachusettslawyeronline.com or call toll-free at 1-888-269-0688.

By: Joseph Botelho

What Are The Different Types of Bankruptcy | Fall River

Bankruptcy Definition

The word “bankruptcy” means more than a general financial hardship. It actually describes a legal process which allows you to deal with your debts when you can no longer pay for them. A debtor usually files bankruptcy to obtain a bankruptcy discharge. This discharge means you’re no longer financially obligated to pay that debt.

Generally, married couples will file a joint bankruptcy case. However, in certain situations it is advantageous to only file for one spouse. Once the bankruptcy case is filed, creditors can no longer contact the debtor or sue them in court on the debts they have with the creditor. With only a few exceptions, the creditor has no claim on the debtors future income or assets.

3 Different Types of Bankruptcy

There are three forms of consumer bankruptcy cases. These are referred to by their chapter and the bankruptcy code. The bankruptcy code is Federal and not State Law. Cases are filed in a U.S. Bankruptcy Court. People with consumer debt, usually file bankruptcy under either Chapter 7 or Chapter 13 of the U.S. Bankruptcy code. Chapter 7 allows you to discharge your debt and Chapter 13 allows you to set up a payment plan which you may pay back a portion or all of the debt over a number of years. Businesses most likely file for bankruptcy under Chapter 11. But, it is also available to individuals in certain situations.

Debt, income, and assets are all considered when determining what is the best Chapter to file under a particular situation. We also offer credit repair services which allow you to get your credit score above 700 in as little as (2) years after bankruptcy. Most bankruptcy attorneys simply handle your bankruptcy and send you on your way.

Botelho & Associates

Here, at the Law Offices of Botelho & Associates, we are dedicated not only to helping you remove your debt, but also helping you get where you really deserve to be in life. Most people do not realize how important your credit is to doing that and we can help with that also. For information on  bankruptcy and scheduling your free bankruptcy consultation with an experienced attorney, please visit us at www.massachusettslawyeronline.com or call toll-free at 1-888-269-0688.

By: Joseph Botelho