Susan S Long

Unlike a Chapter 7 liquidation, a Chapter 13 bankruptcy is a reorganization of a debtor's financial affairs. The goal is to create repayment plan while also protecting the debtor from foreclosure, levy, garnishment or other similar actions. Repayment plans typically last from three to five years. Chapter 13 bankruptcy is generally used by individuals who do not qualify for a Chapter 7 and/or those who have non-exempt assets they wish to keep that would otherwise be liquidated in a Chapter 7.

Chapter 7 bankruptcy is a liquidation proceeding. In this scenario, assets may be used to repay your debts. However, under the law, you may be able to keep most, if not all, your assets. There are set exemptions in place to help protect your home, vehicle, jewelry and other personal items. Therefore, in most cases, the debtor has no assets to lose in a Chapter 7 and will be provided with a relatively "fresh start".

As a law firm dedicated to bankruptcy practice, my first job is to make sure you are completely informed of the situation and its implications. Bankruptcy is a complicated area of the law. Each bankruptcy plan has its own nuances, requirements and set of potential outcomes. By working with an attorney devoted to bankruptcy law, you will have a guide through this difficult terrain. I am always there to answer questions and provide support, whenever or wherever you need it.

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