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Chapter 7 Bankruptcy is a form of bankruptcy that helps debtors, both individuals and businesses, erase debt that can be discharged. Eligible applicants who file for Chapter 7 benefit by having a halt put on any collections actions against them as well as by putting a stop to any garnishments, tax levies and liens, vehicle repossession or foreclosure. A Bankruptcy Trustee is assigned and will evaluate whether the debtor will be required to sell any property to pay towards the debts owed. This is why Chapter 7 is known as the "liquidation" form of bankruptcy. Seldom are debtors required to sell anything and in most cases all dischargeable debt is eliminated. Call for a free phone consultation at 541-338-8500.
Chapter 13 Bankruptcy is a form of bankruptcy in which the debtor receives a 3-to-5-year repayment plan that allows them to pay payments that are affordable for that period of time. When the repayment period ends the remaining debt is eliminated. Applicants of Chapter 13 also benefit from seeing an end to collections, repossessions, and foreclosure just as Chapter 7 applicants. This form of Bankruptcy may be best for debtors who do not want to sell off anything and who are looking to protect their possessions. Call to learn more about Chapter 13 and what options you have at 541-338-8500.
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