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Personal Bankruptcy

Personal Bankruptcy

Individuals may file for Chapter 7 or Chapter 13 (and in Chapter 11 in rare cases) protection, depending on their situations. A Chapter 7 bankruptcy case involves selling assets and using the proceeds to pay creditors.  In most cases, a debtor’s assets will be fully exempt from liquidation and sale. A Chapter 13 bankruptcy, called a wage earner’s plan, enables those with regular incomes to repay all or part of their debts over three to five years. Regular income is an elastic term and includes social security, non-wage income and assistance from family and friends.

 

If you have questions about bankruptcy law or think it may be an option for your personally or for your business, contact Moretsky Law to set up a free consultation. We can talk about your situation, your debts and whether bankruptcy is something you should seriously consider.

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