Thomas A. TruexAttorney at Law   *   Truex Law Office, P.A.

I handle Consumer Chapter 7 and 13 Bankruptcy cases; pre-bankruptcy planning and alternatives; and creditor representation in all chapters.

Every person’s circumstances are different, and should be examined by a competent legal professional before filing bankruptcy. Although there are important benefits to the “fresh start” provided by a bankruptcy discharge, bankruptcy is generally regarded as a last resort, if other options do not offer relief. Note that Bankruptcy law is also an area of the law which may be subject to change. However, the U.S. Federal Courts website, provides general information about the different types of bankruptcy:

[Chapter 7 is] the chapter of the Bankruptcy Code providing for “liquidation,” ( i.e., the sale of a debtor’s nonexempt property and the distribution of the proceeds to creditors.)
[Chapter 13 is] the chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.)