Jan Perry Lederer
750 E Mulberry Ave
Suite 401
San Antonio, TX 78212
Phone: 210-733-9400
Bankruptcy
Chapter 7 Bankruptcy is the bankruptcy option for people with a large sum of unsecured debt but little or no property. With this type of bankruptcy, the court will usually sell any non-exempt assets you have to pay your creditors and discharge the debt. Examples of unsecured debt include personal loans, pay day loans, credit card bills, medical bills, and signature loans.
Chapter 7 bankruptcy can be a powerful remedy for any debt problems you may be having, however, it is not available for everyone. For example, you would not be able to file for a Chapter 7 bankruptcy if you have received a Chapter 7 bankruptcy discharge in the last eight years, depending on your income, expenses and debt burden, if you have non-exempt property or if you can feasibly complete a Chapter 13 debt consolidation plan.
Chapter 13 Bankruptcy is the bankruptcy option where the debtor will keep ownership and control of his/her assets. However he/she will work out a three to five year debt repayment plan. Some parts of the debt may be discharged depending upon the income of the debtor.
A Chapter 13 debt consolidation plan offers individuals a number of advantages over a Chapter 7. Perhaps most significantly, a Chapter 13 offers individuals an opportunity to save their home from foreclosure, vehicle from repossession, stop wages from being garnished, stops assets from being liquidated, may cure deliquent mortgage payments, help with student loans, help with past due taxes, helps with pay day loans and will help with any judgments filed against you. Another advantage of Chapter 13 debt consolidation is that it allows individuals to reschedule secured debts (other than a mortgage from their primary residence) and stop harassing calls from creditors. The Chapter 13 bankruptcy also has a special provision that protects co-signers who are also liable for the "consumer debts." Both the Chapter 7 and 13 can give you a fresh financial start, a peace of mind, reduce stress, give you the opportunity to get your life back and allow you to sleep better at night.