Which Type Is Right For You?
Chapter 7 bankruptcy and Chapter 13 bankruptcy are the two most common types of bankruptcy. A Chapter 7 bankruptcy is a debt liquidation bankruptcy that allows individuals to completely discharge credit card bills, medical bills and most other forms of consumer debt.
Chapter 13 bankruptcy calls for the creation of a debt repayment plan that typically lasts for 36 to 60 months. With a Chapter 13 payment plan, you are only required to pay what you can afford to pay beyond their secured debts. In addition, many people are able to discharge a significant portion of their unsecured debts after the successful completion of their Chapter 13 plan.
Differences Between Chapter 7 And 13 Bankruptcy
I am attorney Steven F. Bilsky, and when we meet, I will explain the differences between these two type of bankruptcy filing.
At your free initial consultation, I will examine key issues to help you make an informed decision about the type of bankruptcy that is right for you. Some of the issues we will talk about include:
- Your eligibility for Chapter 7 and Chapter 13 bankruptcy: Many of the people who contact my office are eligible for Chapter 7 bankruptcy. If you are not eligible for Chapter 7 bankruptcy, you likely are eligible for a Chapter 13 bankruptcy.
- Whether you would lose significant property in a Chapter 7 bankruptcy: Many of my clients are able to keep most if not all of their property in a Chapter 7 bankruptcy. If you have significant assets that could be subject to liquidation, a Chapter 13 bankruptcy is probably a better option.
- Your particular debt problems: Chapter 13 bankruptcy may be your best bet if you are trying to save your home from foreclosure. Chapter 7 bankruptcy, on the other hand, calls for a complete discharge of credit card bills, medical bills and most other consumer debts.
These are just a few of the considerations that must be taken into account if you are considering bankruptcy. I am pleased to meet with you personally at your free initial consultation to answer your questions and help you make an informed decision about bankruptcy.
Put My Experience To Work For You
I have been practicing in bankruptcy law for more than 39 years, and I have helped thousands of clients obtain debt relief. As a solo lawyer, I work closely with my clients. I will take time to answer your questions, understand your financial circumstances and create a debt relief strategy with your particular needs in mind.