Harrisburg Bankruptcy Lawyer

Harrisburg Bankruptcy Lawyer | Understanding the Chapter 7 and Chapter 13 Processes

Chapter 7 Bankruptcy: Liquidation of Assets

Chapter 7 bankruptcy is a type of bankruptcy that allows individuals to liquidate their assets and eliminate most of their debt.

Bankruptcy law has been in place for over two centuries, but the process has undergone significant changes since its inception. Chapter 7 bankruptcy is one such chapter that allows individuals to start fresh by liquidating their assets and eliminating most of their debt.

Bankruptcies are a way for individuals or businesses to avoid going bankrupt by reorganizing their finances and debts into a more manageable format.
Chapter 7 bankruptcy allows individuals to discharge up to 524.6 cents on the dollar of non-dischargeable taxes, as well as most unsecured credit card debt.
Discharging your tax debt through Chapter 7 can save you money and help you avoid further financial stress.

Chapter 13 Bankruptcy: Rebuilding Your Finances

Chapter 13 bankruptcy is a type of bankruptcy that allows individuals to restructure their debts and create a repayment plan to pay off creditors over time.

Bankruptcies are a way for individuals or businesses to avoid going bankrupt by reorganizing their finances and debts into a more manageable format. Chapter 13 bankruptcy, on the other hand, allows individuals to create a repayment plan to pay off creditors over time.

A Chapter 13 bankruptcy typically lasts between three to five years, depending on individual circumstances.
Chapter 13 bankruptcy can help you get back on your feet financially and avoid further debt accumulation.
It's essential to note that Chapter 13 bankruptcy may not discharge all types of debts, such as student loans or child support obligations.