Bankruptcy Attorney Arab, AL
There are two main chapters under the bankruptcy code that are the most common. Chapter 7, and Chapter 13 Bankruptcy. The other chapters that relate to the type of filing are chapter 9, municipalities, chapter 11, reorganization for corporations, chapter 12, for family farmers and fishermen, and chapter 15, international or cross-boarder. Sub-chapters 1, 3 and 5, apply to all the chapters and how the case progresses.
What are the main differences between chapter 7 and chapter 13 as they relate to wage earners and regular folks. Chapter 7, is the chapter most filed in the U.S., three out of every four are chapter 7. The main difference between chapter 7 and 13, is in a chapter 7 you do not pay any of your debt back, whereas in a 13, you pay some or all of that back over a 60 month period.
An experienced bankruptcy attorney in Arab, AL will be able t