The Federal Bankruptcy Code guides debtors (those who owe debt) and their relationship with creditors (those who lent the money through credit).  When someone states that a case is in a certain “chapter,” that means that the debtor has filed a case under a certain part of the bankruptcy code.  Each section of the code,...Read More

Individuals have the option of entering Chapter 7 or Chapter 13 bankruptcy. As discussed in an earlier post, Chapter 7 involves liquidation of the debtor’s assets meaning that most of the debtor’s assets are sold or returned to creditors to satisfy the bankruptcy. Alternatively, Chapter 13 bankruptcy involves a repayment plan in which the debtor...Read More