Bankruptcy | Lynch & Belch, P.C.

How Debt is Managed in Personal Bankruptcy

On behalf of Lynch & Belch, P.C. | Dec 9, 2015 | Bankruptcy, Firm News

Personal bankruptcy can be handled in two different ways, under Chapter 7 or Chapter 13 of the U.S. Bankruptcy Code. Chapter 7 is used primarily for low-income debtors who own few assets and little cash. Chapter 13 is a restructuring of debt, used by people who have...