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When seeking information about filing for personal bankruptcy, you need to have professional legal help like the aid of Fort Worth bankruptcy attorneys. You are in no way required to hire Fort Worth bankruptcy attorneys, but they will help you proceed and gain the best result in a bankruptcy case. Bankruptcy can be hard enough to understand even if you are one of a team of Fort Worth bankruptcy attorneys so you can imagine how hard it might be for an individual without a law degree yourself.
One of the things you might have some difficult with is deciding what kind of bankruptcy you should be filing for. There are at least four different kinds of bankruptcy, which include chapter 11 bankruptcy, chapter 12 bankruptcy, chapter 7 personal bankruptcy, and chapter 13 personal bankruptcy. You need not bother with chapter 11 bankruptcy or chapter 12 bankruptcy since they concern mostly farmers and businesses.
You as an individual should only worry about personal bankruptcy, which leaves you with chapter 7 personal bankruptcy and chapter 13 personal bankruptcy. They differ in how to go about filing for bankruptcy and in the details. However, filing for chapter 7 personal bankruptcy costs about $ 299 and filing for chapter 13 personal bankruptcy costs about $ 274.
Also sometimes called straight bankruptcy or liquidation bankruptcy, chapter 7 personal bankruptcy sees a trustee appointed by the bankruptcy court helping you liquidate your nonexempt personal property to help pay back your creditors. Bankruptcy exemptions help you save most of your personal property, especially your car and home, from liquidation.
You generally see a chapter 7 discharge within months. Chapter 13 personal bankruptcy, however, reorganizes your debts into a three to five year repayment plan. While it takes years for you to receive a chapter 13 discharge, you do get to keep most of your nonexempt property. Also, a chapter 13 stays on your credit report for 7 years, whereas a chapter 7 stays on your credit report for 10 years.
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