February 10th, 2012 | 
Author: 11lawyers asked:
Chapter 7 (personal liquidation) bankruptcy allows a person to discharge unsecured debt and possibly give secured property back (cars and real estate.) Chapter 13 (personal re-organization) allows a person to re-organize their debts with partial repayment over 3 to 5 years. A Chapter 13 bankruptcy may be an option if a person has substantial debt including taxes, medical bills, credit cards, or is in jeopardy of mortgage foreclosure.
Pablo Warhola
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