If you are on the verge of becoming bankrupt, or have already suffered bankruptcy, you might be wondering whether to file for Chapter 7 or Chapter 13 of bankruptcy. Get across to a reputed bankruptcy attorney for professional help. Well, filing Chapter 7 for bankruptcy provides the individual with a number of benefits. Most importantly, you will be able to make a fresh start on filing Chapter 7 for bankruptcy. It enables the debtor to keep future income. In most of the cases, the property acquired by a debtor after filing for Chapter 7 is not included in the estate of bankruptcy. This rule is applicable to property obtained as a result to divorce decree, inheritance or settlement agreement and certain other cases. However, property acquired by the debtor within 180 days of filing for Chapter 7 of bankruptcy will be included as apart of the bankruptcy estate.
You should note, that no limitations are imposed on the amount of debt. Unlike Chapter 13 of bankruptcy, Chapter 7 does not impost a cap on the amount of debt an individual may have. Under Chapter 13, an individual may be ineligible, in case the secured or unsecured debt crosses a certain limit.
No repayment plan is applicable for individuals filing for Chapter 7 of bankruptcy. In this case, the debtor will not have to repay the debt in a repayment play, approved by the court. However, Chapter 13 requires debtors to repay the amount. When you file for Chapter 7 of bankruptcy, you are no longer responsible for paying off the loans. Click here to know more about the bankruptcy attorneys.
When you reach out to an experienced bankruptcy attorney, you can get a professional assistance throughout the process. The discharge of debts takes place quickly. It will take only a few months to get a discharge order after you file for bankruptcy. Click here to read more on the bankruptcy attorneys.