In October 2005 Congress passed some new bankruptcy laws. What does this mean to you? Read on and find out the most common consumer applications.
If you are considering filing bankruptcy the first thing you need to know is that there are two basic types of personal bankruptcy actions, they are Chapter 7 and Chapter 13.
Chapter 7 bankruptcy has also been referred to as “no assetâ€? bankruptcy. Under Chapter 7, a debtor’s debts are discharged, or in layman’s terms, they are wiped out by the court and the debtor is not required to pay off those debts.
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In October 2005 Congress passed some new bankruptcy laws. What does this mean to you? Read on and find out the most common consumer applications.<\/p>\n\n\t
<\/p>
If you are considering filing bankruptcy the first thing you need to know is that there are two basic types of personal bankruptcy actions, they are Chapter 7 and Chapter 13.<\/p>\n\n\t
<\/p>
Chapter 7 bankruptcy has also been referred to as “no assetâ€? bankruptcy. Under Chapter 7, a debtor’s debts are discharged, or in layman’s terms, they are wiped out by the court and the debtor is not required to pay off those debts. <\/p>\n\n