Bankruptcy Made Simple

24 Jun Bankruptcy Made Simple

Every rule of law has a zillion exceptions, and any law that is called a Code is far worse than usual (examples: Internal Revenue Code; Bankruptcy Code).

Bankruptcies stay on a credit report for ten years, but no one cares much after two years.

Chapter 7: You get rid debts and you keep your assets. Whoa! A few debts won’t go away, like intentional injuries, fraud, recent taxes, and some assets you cannot keep (should be obvious, like you cannot keep the million dollars you just inherited). You can file once every eight years.

Chapter 13: You force your mortgage company to take a catchup plan for missed payments; you pay over time to keep an asset not protected in Chapter 7, or you may just need it for immediate protection from law suits but do not have all the fees for a Chapter 7 case.

Now, call an attorney.

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L. Jed Berliner practices exclusively in consumer bankruptcy, foreclosure defense, and related consumer protection litigation such as credit card defenses and suing debt collectors. He established his Springfield, MA practice in 1988. Attorney Berliner is a regular and active contributor to the Bankruptcy Law Network, the Bankruptcy Roundtable, and the National Association of Consumer Bankruptcy Attorneys, three specialized consumer bankruptcy forums on the Internet, and is an informal mentor to regional practitioners. He is recognized by his peers as an expert in consumer bankruptcy issues. He thoroughly enjoys being rated "excellent" in his client surveys.

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