Resources

FAQs

• What are the different chapters of bankruptcy and which one fits you needs?
•    a. In a chapter 7 bankruptcy in Berks County all of you debts after you add up all your property property  and subtract amiunts that you owe that are secured by a house or a car and he amounts you can keep(know as exemptions) are subtracted, in theory the remaining amounts are liqidated and paid to creditors. In reality for most people that never happens  because threre is nothing left over and they have a no asset bankruptcy case and they keep their property with whatever liens are on that property and the rest of the debts other than nondischargable debts like many taxes are discharged.

      b. In  a chapter 13 in Berks county a plan is put together which allows you to to pay back some or all  of you debts over a 3 to 5 year time period. It is primarily used by berks county residents to cure a house arrearage or car arrearage, you can discuss these issues with you Berks county bankruptcy attorney.

      c. In a Chapter 11  in Berks county a busines or in some cases a consumer who has too much debt to qualify for Chapter 13 may  choose to put together a Chapter 11 plan in much the same way a chapter 13 debtor might utilize Chapter 13.

      d. In a Chapter 12 bankruptcy a family farmer or fisherman in Berks county might put together a plan to pay back all or a portion of there debts over a time period like a Chapter 13.

  As to these difficult choices a Reading or Berks county bankruptcy Attorney could advise you and give you the advice you would need to help you get an fresh start.

Free initial consultations!
Resources courtesy of:

Lau & Associates, P.C.
4228 St. Lawrence Ave.
Reading, Pa.  19606
610-370-2000
FAX (610) 370-0700
Shawn-Lau@msn.com