Harrisburg Bankruptcy Lawyer

Chapter 7 Bankruptcy

Chapter 7 bankruptcy is also known as "liquidation" bankruptcy. It involves closing down non-exempt assets to pay off creditors and discharge most debts.

• Exemptions include a home, car, and certain essential items like food and clothing
• Creditor payments typically last 5-10 years
• Closing down non-exempt assets to pay off creditors

Chapter 13 Bankruptcy

Chapter 13 bankruptcy is also known as "reorganization" bankruptcy. It involves creating a repayment plan that allows you to repay a portion of your debts over time.

• Exemptions include a home, car, and certain essential items like food and clothing
• Creditor payments typically last 3-5 years
• Creating a repayment plan that allows you to repay a portion of your debts over time

Benefits of Bankruptcy

Bankruptcy can provide several benefits, including:

• Protection from creditor harassment and wage garnishment
• Discharge of non-exempt assets to prevent future debt
• Relief from foreclosure or repossession
• Ability to start over with a fresh financial slate