Filing for bankruptcy can be used as a powerful tool to give you the freedom you need to continue living your life while you work on settling your debts. It’s important to work with a bankruptcy attorney from the very beginning so that you know what plan to execute to reach your goal. There are many types of bankruptcy options for you that can lead to a number of different outcomes which is why it’s important you talk to a bankruptcy attorney before you get started.
We can start reviewing your financial situation today and start setting up a path to reach your financial goals.
Once we begin your bankruptcy case
- Your home
- Your car
- Your possessions
- Your wages
- Creditor harassment
What are the most common types of bankruptcy?
There are a number of bankruptcy options for debt relief. There are two that are more common than others and must be thoroughly understood before moving forward. Each has their pros and cons and their own possibility of numerous outcomes.
Chapter 13 Bankruptcy
Also known as an “individual debt adjustment”, Chapter 13 bankruptcy is a debt restructuring option where you can propose a 3 to 5 year payment plan with your creditors. Some benefits include
- Ability to keep non-exempt assets (homes, cars etc)
- Protect your co signers
- Create a payment plan you can work with
Chapter 7 Bankruptcy
The more “extreme” option is Chapter 7 bankruptcy where you gather your non-exempt assets, sell them and use the proceeds to pay your creditors. You will need to provide the courts proof that you are unable to pay your debts using this method. Some benefits include
- Quickly resolve debt disputes
- You may be able to keep certain assets