Chapter 7 bankruptcy can give you the fresh start that you need.
If you are out of work, facing reduced income, or caught in an unexpected financial situation, filing for Chapter 7 bankruptcy may be the way out.
Have you experienced any of the following?
• Accumulating credit card debt
• Threats of foreclosure
• Harassing phone calls from creditors
• Unexpected lawsuits or medical bills
• High Payday loan interest
Below are some of the differences between Chapter 7 and Chapter 13 bankruptcy to help differentiate between the two.
What type of bankruptcy?
Chapter 7 – Liquidation (eliminates unsecured debt)
Chapter 13 – Reorganization (develop a plan for debt repayment)
Who can file Chapter 7 & Chapter 13? Chapter 7 – Individuals, businesses, and organizations
Chapter 13 – Only Individuals
How long does the bankruptcy process take? Chapter 7 – three to six months
Chapter 13 – three to five years
Am I immediately protected from collections and wage garnishment? Chapter 7 – Yes
Chapter 13 – Yes
Is my property protected? Chapter 7 – Trustee can sell the nonexempt property to pay debt
Chapter 13 – Debtors keep all property. Must pay unsecured creditors an amount equal to the value of nonexempt assets.
How long will bankruptcy stay on my credit statement? Chapter 7 – up to 10 years
Chapter 13 – up to 7 years
How often can I file for bankruptcy? Chapter 7 – once every eight years
Chapter 13 – repeatedly, no time frame in-between filings
Can I keep my income after filing for bankruptcy? Chapter 7 – Income after bankruptcy is yours and is not garnished by creditors
Chapter 13 – Income is subject to a repayment plan and used to pay debts
Chapter 7 is the most common type of personal bankruptcy. People file Chapter 7 to get a fresh financial start. It provides very effective relief from medical bills, credit card debt, ordinary civil judgments, other unsecured debts, and personal loans.
We will help ensure that vital assets, including your house or your retirement savings, are untouchable from the sell-off of your other assets, letting you maintain a future, even as you develop a fresh financial start.
Our lawyers work closely with you to assess your position, your assets as well as your aims to seek out bankruptcy protection alternatives that fulfill your requirements. For a lot of clients, Chapter 7 bankruptcy is an all-natural fit, removing or reducing debt, collections, and suits while giving you alternatives to take care of your house, future and family.
We provide experienced and personalized legal support. Our bankruptcy attorneys take a hands-on approach to client service from the free first consultation through filing Chapter 7 bankruptcy.
We will help you to protect your:
- Car/Home and Investment Properties
- Retirement — 401k, IRAs, Pensions
- Wages/Social Security
- Workers’ Compensation Benefits
- Personally registered businesses
Are you still in a dilemma about whether or not bankruptcy is right for you? The best way to know for sure is to meet with our lead attorney for a no-cost, no-obligation consultation.
Together, you will go through your situation and a list of options will be presented that best suits your specific case.
At the end of your meeting, you’ll be able to rest assured that you are in good hands. When you’re dealing with your financial future, it’s important to have experience on your side.
You can call us at (909) 457-0153 to schedule an appointment to know whether bankruptcy is right for you or not.