Let a Massachusetts Bankruptcy Attorney Help You Navigate Bankruptcy Law
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Learn More about the Differences between Chapter 7 Bankruptcy and Chapter 13 Bankruptcy
The term “bankruptcy” is often used generically when in fact, Chapter 7 bankruptcy and Chapter 13 bankruptcy are different processes with different protections for different circumstances.
Chapter 7 bankruptcy is what most people think of as “bankruptcy” and is often called liquidation because the bankruptcy trustee has the option of liquidating or converting your non-exempt assets into cash to pay off unsecured debt like credit cards, medical bills, old utility bills and unsecured loans. Since most Chapter 7 bankruptcy petitioners do not have any non-exempt assets, there is usually no sale of property during Chapter 7 bankruptcy. Total Bankruptcy sponsoring
Chapter 13 bankruptcy is a repayment plan based on the debtor's income and living expense. Thus, Chapter 13 bankruptcy is available only to those with regular income from which to make payments. Let a
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