Legal Question in Bankruptcy in New Jersey
Bankruptcy
What are the differences between the chapters 7, 11 and 13?
2 Answers from Attorneys
Re: Bankruptcy
Most people use Chapter Seven Bankruptcies when there is no desire to work out a repayment plan.
With Chapter Seven the trustee sells the debptor's assets and the proceeds are paid to the creditors.You must meet a certain means income to qualify for Chapter Seven or show special circumstances to apply.
With Chapter Thriteen Bankruptcy the debptor works out a payment plan and does not have to have his/her assets sold.
Chapter 11 Bankruptcy is mainly used for businesses.
What is your main objective?
Belleville, NJ
Re: Bankruptcy
This is too big a topic to address in a short response to your posting. See the Frequently Asked Questions (FAQs) on our website www.starrandstarr.com and the specific topic postings on our Blog (link available at our website) for info. about the differences between chapter 7, 11 and 13.
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