In a Chapter 13 bankruptcy, however, the assets are generally kept out of any liquidation, but in a Chapter 13 payment plan, the payments need to be as much as what could have been liquidated in a Chapter 7 bankruptcy. So for a Chapter 13 bankruptcy, your assets are pretty much protected in most circumstances states Wilmette bankruptcy attorney.
The best reason to file bankruptcy is definitely the mental stress that is relieved and taken away after the bankruptcy is finished. So many clients of our firm have told us after the – specifically after the discharge that they receive in bankruptcy, they tell us that they just don’t understand why they did not file bankruptcy earlier and they didn’t realize what the process was like and how easy the process can be.
Once those clients of ours will receive that discharge and they know that they are no longer obligated to pay this debt, whether it be credit cards, medical bills or payday loans, and their garnishment is stopped and their bank accounts are unfrozen. They really feel like a monkey has been lifted off their back. It is a total stress reliever and it’s a way for a person to start fresh. It is certainly a way for a person to move on with their life and begin a fresh start by claiming bankruptcy.
Which bankruptcy is right for me, Chapter 13 or Chapter 7? This is a great question. Chapter 7 and Chapter 13 are two very different animals, but at the same time, they’re very similar. In order to find out whether or not you should file a Chapter 13 or a Chapter 7 bankruptcy, one should obviously go first to an attorney who is specialized in this field of the law and can give them a very good option of or advice on whether or not Chapter 13 or Chapter 7 is good for them.
Chapter 7 bankruptcy is a great way to eliminate all of your debt. Whether that debt is unsecured debt or secured debt, Chapter 7 is going to completely eliminate those debts. Unsecured debt is debt that is not secured by collateral, so unsecured debt is considered to be credit card bills, medical bills, payday loans, certain utilities and also certain taxes, such as IRS taxes. For the best bankruptcy advice, contact a bankruptcy attorney in your area.