FORT WORTH BANKRUPTCY ATTORNEY
If you are considering filing for bankruptcy, the best thing to do is meet with an experienced bankruptcy attorney.
My office provides free consultations with an attorney.
ATTORNEY MATTHEW WEGNER
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is the most common type of bankruptcy that a consumer or individual files. It is known at the “Fresh Start Bankruptcy”. In a Chapter 7 bankruptcy all of a person’s unsecured debts, like payday loans, credit cards, and medical bills, are discharged. The “Discharge” means that the debt is eliminated and a person cannot be held responsible for those bills any more. The idea is that an individual will get a fresh start in their financial life.
Chapter 13 Bankruptcy
Chapter 13 Bankruptcy is a type of bankruptcy used by an individual to reorganize their debt. It is commonly known as a “Plan of Reorganization”. The most common reason for a person to file for Chapter 13 Bankruptcy Relief is to prevent the foreclosure and liquidation of a major asset. This is typically are a house or a car. Less commonly, an individual may seek Chapter 13 relief to address IRS issues, back child support or other governmental obligations. Finally, if a person does not qualify for a Chapter 7 Bankruptcy due to income or the possibility of losing assets, that person may wish to file for Chapter 13 Bankruptcy.