Some Basics of Bankruptcy: Chapter 7 and Chapter 13

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One of the conundrums facing people mulling for bankruptcy is what protects their assets best. In fact, bankruptcy court does not care if consumers all along have been "good Samaritans" and because of income reduction or job loss they have been force to file for bankruptcy. The more assets such people have, the more creditors get paid. Consequently, it behooves such individuals to ensure they understand the legal ramifications of filing for bankruptcy and what chapter 7 and chapter 13 entail.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Doron Eghbali, Law Advocate Group, LLP | Attorney Advertising

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