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Chapter 7 and Chapter 13 bankruptcy

If you try to finish the bankruptcy procedure yourself, many problems could come up. You can misunderstand exemptions and make mistakes on the bankruptcy petition. For more information about related bankruptcy contact our Lawyer and call us today at 816-578-0286.

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Chapter 7 and Chapter 13 bankruptcy

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  1. Difference between a Chapter 7 and Chapter 13 bankruptcy Here is how I explain the decision between Chapters 7 and 13: First, we split all of your debt between 2 buckets. I know it sounds silly, but stick with me. It makes sense. Chapter 7 dumps out bucket 2 and lets you deal with bucket 1 on your own. If you are currently in your house and car and don’t need help paying off taxes, etc. What Happens to Property To repay creditors, you may liquidate the debtor’s non-exempt assets during a Chapter 7 bankruptcy. In contrast, Chapter 13 allows debtors to keep all of their property while still obligated to repay their creditors with the equivalent of the value of their non- exempt assets. Contact Us Jeppson Law Office 5716 N Broadway, Gladstone, MO 64118, USA info@jeppsonlawoffice.com 816-578-0286 www.jeppsonlawoffice.com

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