If your debts cause you to stress about paying your bills or losing your home, you should consult an attorney about filing for bankruptcy in Fall River, MA. There are different types for which individuals can file, depending on their incomes and family size. Here are three types of bankruptcies from which to choose for individuals.
Chapter 7
A Chapter 7 bankruptcy is known as a liquidation because you will need to give up any property you own that exceeds certain limits. The property will be sold to pay off your debts. However, if you don’t own property, then a Chapter 7 can be used to discharge most of your unsecured debts. Contact the Law Offices of Tara M. George, PC to find out about Chapter 7 qualifications.
Chapter 11
Individuals who have a very large amount of debt would need to file a Chapter 11 bankruptcy. If your unsecured debt is more than $360,475 and your secured debt is higher than $1,081,400, then you would be required to file a Chapter 11. It is also available for businesses to reorganize their debts.
Chapter 13
People who file for Chapter 13 have higher incomes than those who qualify for Chapter 7 bankruptcies. A Chapter 13 allows you to reorganize debt and pay off creditors within three to five years after which the rest of your debt may be discharged. A Chapter 13 attorney from a law firm specializing in bankruptcy law can help determine for which type you qualify.
If you have questions about what type of debts can be included when you file a bankruptcy, schedule a consultation with an attorney to find out if filing is the right move for you. Bankruptcies stay on your credit history for several years, making it difficult to get a mortgage or car loans.
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