Bankruptcy is a legal process whereby an individual can discharge or restructure debt. In a Chapter 7 case, depending on the circumstances, an individual can usually wipe out their unsecured debt by utilizing the available exemptions and obtaining a discharge. A Chapter 13 case is utilized to keep assets such as a home or car and rehabilitate an individual's financial situation through a Chapter 13 plan. As a knowledgeable bankruptcy attorney, I can advise you whether bankruptcy is a possible solution to your financial difficulty and what bankruptcy chapter you should filed.
I am a seasoned bankruptcy attorney who has represented both debtors and creditors for over 23 years. I thoroughly know the lien stripping process which can wipe off a second or third mortgage in a Chapter 13 case. Contact me to learn more about this powerful tool that is available to my clients who avail themselves of it in a Chapter 13 case.
--Mark A. Cronin, Esquire