Berry & Tripp PC

Add to Favorites

CLOSED NOW

Today: 9:00 am - 5:00 pm

Tomorrow: 9:00 am - 5:00 pm

28 Years

in Business

Accredited

Business

Is this your business?

Customize this page.

Hours

Regular Hours

Mon - Sun:	9:00 am - 5:00 pm

Bankruptcy
There are two Chapters of bankruptcy that consumers use. Chapter 7, (commonly called “total” bankruptcy), and Chapter 13, which is a consolidation and repayment program. In Chapter 7 bankruptcy, a Trustee sells the debtor’s property (other than exempt property) and uses the sales proceeds to pay creditors. The result of a successful bankruptcy proceeding is a discharge in bankruptcy, which releases the debtor from payment of affected debts. Chapter 13, which consolidates debt, allows payments to be made for up to 5 years to pay off the consolidated debt. The plan suspends legal and collection actions against the debtor for the period it is in effect, and may also suspend such actions against persons who co-signed loans with the debtor.

Provided by