Bankruptcy Law Guide to Different Chapters
A San Jose bankruptcy attorney offers a Bankruptcy Law Guide to Different Chapters
Bankruptcy Law Guide: Why are there different bankruptcy chapters?
There are different bankruptcy chapters because there are different methods of providing individuals with debt relief. Some people want to primarily get rid of unsecured debt (things like credit cards, medical bills, personal loans, etc.) Other people want to primarily come up with a repayment plan for making up the back payments on a secured debt. Chapter 7 bankruptcy is the chapter that wipes out unsecured debts. Chapter 13 is the chapter that allows individuals to keep property via a repayment plan.
Bankruptcy Law Guide: Is it better for me to file a Chapter 7 or a Chapter 13 bankruptcy?
As stated above, the primary goal of Chapter 7 bankruptcy is to wipe out unsecured debts for individuals who do not have enough income to cover their expenses. If you qualify for Chapter 7 bankruptcy, and if you primarily wish to relieve yourself of unsecured debts. Then this is the chapter of choice for you. It is generally the quicker, less expensive, “fresh start” bankruptcy chapter.
If you primary goal is to keep a property because you have missed several months of mortgage payments, and if you have a regular flow of income, then the Chapter 13 bankruptcy may be the chapter of choice for you. The Chapter 13 bankruptcy is a repayment plan. You should see in an attorney to get a better idea of how each chapter will affect your particular situation.
If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs. Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
