About Bankruptcy Law
Many individuals will file for bankruptcy or consider doing so. However, in recent years there has been a significant change in bankruptcy law. Unsecured debt, such as credit cards, may not be discharged in bankruptcy proceedings. It is also good to keep in mind that there are various types of bankruptcy, thus bankruptcy law may vary by the state you reside in and the chapter of bankruptcy that you intend on filing.
There are two main types of bankruptcy for those filing on an individual basis. These are Chapter 7 and Chapter 13 bankruptcy. Chapter 7 bankruptcy law is typically for complete discharging of debt. Assets are usually liquidated in order to satisfy debts. Chapter 13 bankruptcy law works a little bit differently. It is more or less a repayment plan that the courts will help stipulate. Interest and fees on these debts may or may not be forgiven. However, if for some reason an individual becomes delinquent on these payments, they can be sued.
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