Whats the difference between a Chapter 7 and a Chapter 13?
Simply put, Chapter 7 is a “total liquidation” of your debts whereby you receive your discharge within a matter of months. The potential downside of a Chapter 7 proceeding is that if you possess non-exempt property, that such property might have to be turned over to a bankruptcy trustee. However, all the property of the vast majority of persons filing for bankruptcy filing protection fall into the category of “exempt” property and is retained by them. While there are specific laws governing what kind of property is exempt, generally your home, car, household goods, retirement savings, insurance policies are protected from your creditors. The exception to this is where the creditor lent you the money to purchase that property in the first place, such as your mortgage company or auto lender. The attorneys at Adair & Myers, P.L.L.C., are highly experienced at analyzing what property, if any, might be at risk by a bankruptcy filing and help you protect it to the maximum extent allowed by l
