What is Chapter 20 Bankruptcy?
The filing of a Chapter 7 bankruptcy petition, followed by the often immediate filing of a Chapter 13 bankruptcy petition is known as a Chapter 20 bankruptcy.
What is an Automatic Stay?
The automatic stay will put an immediate stop to:
Any court actions
Any phone calls or contact
Wage garnishment
Bank levy
Property repossession
Attachments
Foreclosure
Lawsuits and judgments against you
The filing of a case in Connecticut will immediately stop all collection efforts on legal action in any state or jurisdiction throughout the country.
What is the difference between Foreclosure or Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is a federal court procedure for the deceleration and repayment of mortgage obligations along with the reduction or elimination of all other forms of debt. The filing of a Chapter 13 bankruptcy creates an immediate stop – known as an “automatic stay” – of the foreclosure process, halting a pending foreclosure and allowing for repayment of the past-due mortgage installments, and other debt obligations, over a three- to five-year time period. Chapter 13 bankruptcy will allow you to begin regularly scheduled monthly mortgage payments as if no previous default had ever occurred.
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is the most affordable and comprehensive debt relief available under the Bankruptcy Code. It completely discharges almost all forms of unsecured debt – allowing people to permanently eliminate unsecured debts, such as:
Lawsuits, judgments and garnishments
Credit card debt
Medical bills
Old apartment rent payments
Many types of older tax debt
Personal unsecured loans (loans not secured by collateral)
Other debts
Do I need to file Chapter 11 Bankruptcy?
About Chapter 11 Bankruptcy
Chapter 11 bankruptcy provides court-ordered debt relief and financial restructuring for businesses and individuals under the Bankruptcy Code. Chapter 11 bankruptcy has saved many Connecticut businesses from closing their doors.
Client Review
“My experience was a very positive one. Dealing with Neil Crane and his staff was the best decision that I could have made. Neil has helped me get back on a solid financial path. My case was a tough one and the Neil Crane Law Firm was the best Law Firm I could have chose.
Thanks for all the help. Now I can put all my bad choices behind me and move forward in my life.”
Mark Linhard
