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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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Hello, If I file Chpter7 instead of Chapter13 bankruptcy,Pls

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If I file Chpter7 instead of Chapter13 bankruptcy,Pls advised if Chapter7 would protect my properties (home and business) as Chapter 13.
many thanks

Thank you for your new question. You have already agreed to my disclosure in the last question

Please let me give you an overview of bankruptcy

As an individual, there are two types of bankruptcy available. A Chapter 7 and a Chapter 13. There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.

A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets, if any, that exceed your exemption.

A Chapter 13 bankruptcy is a repayment plan for an individual. It may require that you repay some of your unsecured debt over a 3 -5 year period. However, you may retain assets that exceed your exemption and must have a regular income.

Here are the exemptions for California:

Ellen and other Bankruptcy Law Specialists are ready to help you