Understanding Secured, Unsecured, and Priority Debts in Bankruptcy in Camden, nj-new jersey

Understanding Secured, Unsecured, and Priority Debts in Bankruptcy in Camden, nj-new jersey

With regards to filing for bankruptcy, there are two typical choices to select from: Chapter 7 or Chapter 13. Chapter 7 bankruptcy is known as a liquidation bankruptcy. It makes it therefore much of your debts that are unsecured like medical bills and personal credit card debt, are wiped out, minus the requirement to cover straight back balances by having a repayment plan. Chapter 13 bankruptcy is recognized as a reorganization bankruptcy. Those that make too money that is much be eligible for a Chapter 7 can apply for Chapter 13, which makes it and that means you pay a portion of one’s debts through a payment plan. The payment plan typically lasts three to five years. Within those two forms of bankruptcy, the money you owe will soon be broken on to three categories: secured, unsecured and concern claims. Continue lendo “Understanding Secured, Unsecured, and Priority Debts in Bankruptcy in Camden, nj-new jersey”