Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.
Chapter 7 and Chapter 13 Bankruptcy Filing
People experience economic hardship for a variety of reasons: divorce, medical care, unemployment / underemployment, loss of a business, family obligations, and so on. The bankruptcy laws were enacted to protect everyone because no one is immune from life’s unexpected unfortunate circumstances.
Chapter 7 of the United States Bankruptcy Code provides for “liquidation” – the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors.
There are many different injuries that can result from a car accident. Serious injuries might become permanent and result in physical disability. If you are a victim in a motor vehicle accident, you may suffer property damage, lost wages, pain and suffering, cost for medical treatment, and losses as a result of disability.