California bankruptcy laws allow you to select between two separate sets of exemptions filed under section 7 or 13.
In chapter 7, immunity protect your possession, while in chapter 13, it helps you decide how much you need to pay to unsecured creditors.
The benefit of chapter 7 bankruptcy law:-
- After the release of bankruptcy it helps you start fresh
- Wages earned by a person and property ownership are considered his after the filling of the case
- Within 3-6 months, the case is fully set free
Plus and gains of chapter 13 bankruptcy law:-
- If you can afford to repay the full payment, then all your properties are free from repaying.
- You can file chapter 13 anytime you feel like
- You can even divide your creditors as per their class and pay them diverse percentages.
Related Articles
8 rules regarding Bankruptcy filing
Bankruptcy filing is sometime complex and confusing, It is essential that you have knowledge of the rules regarding bankruptcy filing.
Why we see repeat bankruptcy cases in Chapter 11
There are more chances of same company filing the bankruptcy cases in chapter 11 again and again. This is not really worth it. what is the need to repeat?
