Do Consumers File for Chapter 20 Bankruptcy?
Are you familiar with Chapter 20 bankruptcy in Oak Park ? If you have not heard of Chapter 20 bankruptcy, you are not alone. It is not actually a chapter of bankruptcy relief under the U.S. Bankruptcy Code , but instead refers to a combination of Chapter 7 and Chapter 13 bankruptcy . When you add Chapter 7 and Chapter 13 together, in effect you end up with a “Chapter 20” bankruptcy. When consumers opt for Chapter 20 bankruptcy, they do not file for both Chapter 7 and Chapter 13 at the same time. Instead, debtors typically will file for Chapter 7 and then, almost immediately after receiving a discharge, will file for Chapter 13 bankruptcy. What are the benefits of Chapter 20 bankruptcy, and why would any individual consumers want to take this route? High Consumer Debts and Significant Secured Debt You Want to Keep can Make Chapter 20 Bankruptcy a Good Option Why would anyone file for Chapter 7 bankruptcy, receive a discharge, and then turn around and file for Chapt...