Chapter 7 bankruptcy can be filed by an individual or a married couple. Chapter 7 enables you to discharge most unsecured debts, likecredit cards, medical bills, and payday loans. You may even be able to discharge tax debt in some circumstances. You will also be able to keep all of your property that is exempt under your state’s law. For example, Kansas, typically allows you to own own your home free and clear and to keep the equity in your home.
Chapter 13 bankruptcy is also known as reorganization. In Chapter 13, you and our attorneys will create a plan, which must be approved by the Trustee and the Court, to pay back certain creditors within five years. Who and how much you pay back can be tricky, and there are many factors involved. Many times, under Chapter 13, you will get a discharge of your unsecured debts just as you would by filing a Chapter 7.
Determining which Chapter is best and how to prepare the plan takes experience. Jennifer House Packard has filed hundreds of bankruptcies and will be able to guide you through whichever bankruptcy best suits your needs.