|Q: What is the difference between Chapter 7 and Chapter 13 Bankruptcy?|
A: Filing Chapter 7 wipes out your debts and provides a fresh start. There is no repayment of any debts unless the person filing the case makes a separate agreement with individual creditors to keep paying specific debts.
Chapter 13 is a debt consolidation repayment plan for a three to five year period. The repayment plan could adjust the amount owed on certain debts. A person can usually keep his or her property during the case.
For further information about Chapter 7 and Chapter 13, please go to the specific page describing each type of bankruptcy or call my office at 404-766-2326.
Q: What paperwork would I need to provide?
A: A person coming in for a consultation would need to bring names, addresses and balances for all creditors. If you pay child support, then you would need to provide the name, address and phone number for the custodial parent.
A person would also need to bring a copy of his or her last filed federal tax return and any paystubs received in the last 60 days.
Q: Does filing for bankruptcy protect my property?
A: Yes it does. Once the case is filed, your property, paycheck and bank accounts are protected from creditors. There may be an exception if you have had two previous cases dismissed in the past year.
For Chapter 7 bankruptcy, a debtor may not be able to keep all property if he or she is in default on a mortgage or car loan or if there is substanital equity in the property. Please call Attorney Eggers if you have more specific questions.