A way to handle debt trouble, it’s important to understand what bankruptcy can and cannot do while chapter 7 or Chapter 13 bankruptcy can offer seniors. For most seniors, specific problems appear associated with home ownership, Social protection, and your your retirement funds. Plus some seniors could find that their earnings and assets are protected also without filing for bankruptcy.
Listed here is a rundown of a few of the problems seniors that are affecting apply for Chapter 7 or Chapter 13 bankruptcy.
Forms of Bankruptcy: Chapter 7 and Chapter 13
For some seniors bankruptcy that is considering there’s two choices: Chapter 7 and Chapter 13.
Chapter 7 Bankruptcy. In Chapter 7 bankruptcy you discharge many or your entire debts and turn over nonexempt assets to your bankruptcy trustee who can offer the home and employ the profits to cover creditors. Read more