Understanding Secured, Unsecured, and Priority Debts in Bankruptcy in Camden, nj-new jersey

Understanding Secured, Unsecured, and Priority Debts in Bankruptcy in Camden, nj-new jersey

With regards to filing for bankruptcy, there are two typical choices to pick from: Chapter 7 or Chapter 13. Chapter 7 bankruptcy is recognized as a liquidation bankruptcy. It makes it so much of your unsecured outstanding debts, like medical bills and credit debt, are destroyed, minus the requirement to cover back balances by having a repayment plan. Chapter 13 bankruptcy is known as a reorganization bankruptcy. People who make too money that is much be eligible for a Chapter 7 can apply for Chapter 13, that makes it which means you pay a percentage of the debts by way of a payment plan. Continue reading “Understanding Secured, Unsecured, and Priority Debts in Bankruptcy in Camden, nj-new jersey”