Vermont bankruptcy laws allow a debtor to handle their debts and get protection from their creditors harassing them. Debtors filing bankruptcy in Vermont must decide whether to file chapter 7 or chapter 13; your bankruptcy lawyer can help you determine which chapter of the Bankruptcy Code is right for you.
VT Chapter 7 is a liquidation bankruptcy that allows a debtor to receive a full discharge of their debts. In exchange, the debtor must turn over any of their property that is not protected by the bankruptcy exemptions. Most debtors filing chapter 7 have no property that must be surrendered and the chapter 7 bankruptcy laws give them a quick fresh start.
Vermont Chapter 13 bankruptcy is a reorganization bankruptcy because when a debtor files chapter 13 bankruptcy they will reorganize their debts into a more manageable debt repayment plan. Your Vermont insolvency attorney can help you make a repayment plan to your creditors that will be accepted.