Personal Bankruptcy

Chapter 7 & 13

In Need of Debt Relief ? Ringger Law, Can Help You Today!

A Chapter 7 bankruptcy gives immediate relief from debt. An individual debtor may file and receive immediate protection from harrassing calls and other attempts to collect debt. Eligible debtors receive permanent relief by a Court Ordered discharge and have what is often referred to as a FRESH START. In a Chapter 7, a debtor can keep personal property exempt within monetary limits and can even reaffirm secured debts keeping property which has been placed as security for payment of a debt. However, some debts are not dischargeable such as criminal fines and student loans. They are often the subject of the other most common individual bankruptcy and are covered in Chapter 13 of the Bankruptcy Code.
In addition, individual debtors who have regular income may seek an adjustment of debts under chapter 13 of the Bankruptcy Code. A particular advantage of chapter 13 is that it provides individual debtors with an opportunity to save their homes from foreclosure by allowing them to "catch up" past due payments through a payment plan. Moreover, the court may dismiss a chapter 7 case filed by an individual whose debts are primarily consumer rather than business debts if the court finds that the granting of relief would be an abuse of chapter 7. 11 U.S.C. § 707(b).

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