What is the difference between Chapter 7 Chapter 13?
Chapter 7 is a the liquidation of non-exempt assets to satisfy debts. Chapter 13 is the repayment of a percentage of debt over a 3 to 5 year period after which most unsecured debt is satisfied.
The Means Test will determine whether you qualify for chapter 7, and if not, what your payments will be under a chapter 13. If you qualify for Chapter 7 but have assets that cannot be exempted, you may decide to file chapter 13 to get the benefits of bankruptcy without losing those assets.One great advantage to a Chapter 13 is the ability to catch up on late payments through the plan.
David Holland Law focuses on helping clients in financial trouble. We can explain bankruptcy laws and procedures, and administer the means test to establish your bankruptcy qualifications. We are dedicated legal professionals that can help you make the right decision regarding your financial future. We offer a free consultation to discuss your financial situation and how to eliminate your debts.
When a person is plagued by financial problems, it can add considerable stress to life. Filing for bankruptcy can be an effective way to resolve an out-of-control debt situation. Our firm works closely with clients when developing a strategy to address their debt problems. We pay close attention to their needs and concerns, and provide whatever legal advice and support is necessary. We offer affordable rates and payment plans. If you have overwhelming debts, filing for bankruptcy may be the right solution to your financial difficulties.