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When an individual or couple file for Bankruptcy they are entering into a legal process designed to provide protection from creditors and eliminate many types of debts.  

Debt settlement is a process of payment negotiation between an individual and their creditors. Typically, an attorney will manage these negotiations and work with both you and the creditor. Debt settlement is unlike Bankruptcy as the debts are not eliminated but a portion or a percentage of the debt is paid back to the creditors.

Jacovino Law can also help defend you against a creditor lawsuit.


Chapter 7 Bankruptcy is the most common type of Bankruptcy filed in the United States. It is commonly referred to as a liquidation Bankruptcy. The Chapter 7 Bankruptcy process generally lasts from four to six months, and results in most or all of a person’s unsecured debts being eliminated. With a Chapter 7 Bankruptcy there is no need to worry about your house or car because if you are current on your payments, then the Bankruptcy typically does not affect these assets.


Chapter 13 Bankruptcy is commonly referred to as a reorganization. A Chapter 13 Bankruptcy maybe a better option for individuals who are in default or behind on a mortgage or vehicle payments but want to retain the home or vehicle.

Chapter 13 Bankruptcy does not involve the sale of assets, but rather allows the individual to keep their property while repaying some or all the debt over a three to five-year period. The amount an individual is required to pay back depends on their income and the current value of the property. After the three to five-year repayment period, remaining balances on the unsecured debt maybe eliminated.