What bankruptcy chapter is right for me?
If you’re thinking about filing for bankruptcy, you may be wondering which chapter is right for you. There are two main chapters that individuals file: Chapter 7 and Chapter 13. Technically, there are other four other chapters for businesses, municipalities, farmers/fishermen, and international cases. If one of these applies to you, then you should consult with our bankruptcy attorneys to find out how to proceed. Otherwise, you will most likely file under Chapter 7 (liquidation bankruptcy) or Chapter 13 (reorganization bankruptcy).
Chapter 7 vs. Chapter 13
First, you need to first find out if you are eligible to file for Chapter 7, as this chapter is only for low-income individuals who do not have sufficient income to pay off their debts. In this type of bankruptcy, you may have to sell some of your assets in order to obtain a discharge. Even if you are eligible, you may want to file for Chapter 13 so you can keep your property.
Chapter 13 is meant for individuals who have some income and can repay some of their debts. The court will allow you to discharge some of your debts after you have developed and completed a payment plan for the rest of your debt.
Contact Us for a Free Consultation
Before proceeding with your bankruptcy case, you should contact our firm for assistance. We can analyze your situation and provide you with the best possible option that will help you maximize your assets. Our team of bankruptcy lawyers have nearly 70 years of collective legal experience and have represented countless individuals and businesses. Call our office or submit an online case analysis to get started!