A chapter 7 bankruptcy is a powerful tool to get rid of your debt and receive a clean financial slate. It can eliminate medical bills, credit card bills, judgments, repossessions, and more. There are financial requirements that you must meet to qualify, so speaking to an experienced attorney is a must to make sure your discharge will be granted and to ensure that your assets, like your home, are not at risk.

A chapter 13 bankruptcy is a court supervised repayment plan that allows you a structured period of time to repay some or all of your debt, depending on your individual circumstances. A Chapter 13 allows you to remain in possession of your home or vehicle while helping you get out of debt.

There is Trustee appointed in every case. The Trustee will make sure your petition and related documents adheres to the U.S. Bankruptcy Code. Using an experienced attorney can help reduce potential issues with your Trustee which greatly increases the likelihood of success of your case.

A creditor in your case is anyone that you owe money. That can be a debt collection agency, a credit card company or personal loan company. It also includes any mortgage companies or car finance companies. People to whom you owe child support or taxes to are also considered creditors. You are required to list and notify all of your creditors about your bankruptcy filing. The treatment a creditor receives is determined by the Bankruptcy Code but negations are necessary. If you are not able to reach an agreement with your creditors you want an experienced attorney who will advocate in court on your behalf.