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If you're thinking about filing bankruptcy then Groth & Associates can answer your questions and help you make informed decisions. There are two chapters of Bankruptcy that a consumer can file and we will help you decide which chapter is the best for you. We also explore every option of NOT filing bankruptcy.
Chapter 7 Bankruptcy also known as “liquidation” is the most common filing. It will eliminate almost all debts. During the Chapter 7 process, an intake is done of the client’s income, assets and debts owed. There is a myth that everyone who files Chapter 7 Bankruptcy will lose all of their possessions, but this is not the case with everyone. Depending on your income and assets, you may be able to keep all or some of your property. During the process, you will have to attend a meeting of creditors, also called the 341 meeting. A Chapter 7 Bankruptcy will normally last between four and six months before it is discharged.
Chapter 13 Bankruptcy is for those who have the means to pay back their debt over time. Chapter 13 can also stop foreclosure and give you the opportunity to clear up your defaulted mortgage payments as well as any auto loans. During Chapter 13 which normally will last 3-5 years, you will make a monthly payment to the Trustee and the Trustee will distribute payments to the creditors.
Contact Groth & Associates to discuss all of your Bankruptcy options.
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Questions? Please contact us today. | (419) 930-3030 | Email
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