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TYPES OF BANKRUPTCY cheap bankruptcy, online bankruptcy, bankruptcy attorney, file for bankruptcy, official bankruptcy forms
A People’s Choice can save you hundreds of dollars by preparing your
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Bankruptcy Learning Center
Our online learning center provides quick access to valuable information contained in our web
site, California and Federal Codes, Court web sites and other legal sources of information.
Although there are basically six types of bankruptcy cases provided for under the Bankruptcy Code, there are two major
types of bankruptcy that apply to most consumers.
Chapter 7 Bankruptcy: Chapter 7 is the most common bankruptcy proceeding filed by individuals or married couples.
Chapter 7 Bankruptcy is known a a "regular" Bankruptcy case where an individual or business (self-employed individual
that is not a corporation) (the “Debtor) can file a bankruptcy petition to eliminate their debt obligations. Debtors can file for
Chapter 7 bankruptcy no matter how small or how large their debt obligations are. In most Chapter 7 bankruptcy proceedings, most, if not all, of the debtor’s property can be protected. (See “Protecting Property”)
 Chapter 13 Reorganization: Under Chapter 13, you repay all or part of
your debt through a three- to five-year repayment plan. Chapter 13 is often filed by people facing foreclosure on their home, people who may want to
keep these assets that might not be protected in a Chapter 7 bankruptcy, or people that are not eligible to file Chapter 7. When you file Chapter 13, you
will submit a repayment plan to the court. After submitting the plan, you will
need to start making payments to the court (who then pays your creditors) within 30 days from the date you filed your
proceeding. Although creditors can object to the proposed repayment plan, the judge has the final say. After your plan has
been approved, you will continue making payments to the court. Once you’ve completed your Chapter 13 payment plan, any
remaining dischargeable debt is discharged and you are no longer responsible for them.
A People’s Choice can save you hundreds of dollars by preparing your bankruptcy documents instead of an expensive attorney!
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