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.
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