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Different Types of Bankruptcy

This video explains the characteristics of the two types of bankruptcy available to individuals. Chapter 7 is known as liquidated bankruptcy because it allows for total discharge and elimination of unsecured debts. Meanwhile, Chapter 13 creates a formal plan to restructure secured debt and stop foreclosure. Consult an attorney to ensure that you file for the correct type.

Chapter 7 bankruptcy requires a court-appointed trustee to sell off any of the debtor’s non-exempt possessions to pay off creditors. However, a well-filed petition often shields many possessions from the reach of the law. Meanwhile, Chapter 13 allows a debtor to keep most of his or her property, but it does not get rid of unsecured loans.

Cutler & Associates is a Chicago-area law firm with more than two decades of experience guiding Illinois families through the bankruptcy process. We know how to make the laws work in your favor. If you or a loved one is thinking about filing for Chapter 7 or Chapter 13, call (847) 868-2265 to schedule a free consultation with one of our skilled attorneys.

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