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BANKRUPTCY & DEBT LAWYERS
Call Now 877-672-5015    

Are you looking for a Bankruptcy Lawyer, Debt Lawyer, Collections Lawyer or Debit-Creditor Lawyer?

Fill out the Free Bankruptcy Evalution Form   Bankruptcy Attorney
or call now 877-672-5015 to speak to a local
Bankruptcy Attorney near you.

A local bankruptcy attorney can help you understand the differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy, so that you can make an educated decision about the best next step for you. Fill out the form below for a free bankruptcy case evaluation by a local attorney. 

 

Not sure whether bankruptcy is the right option for you? A local bankruptcy attorney can answer your questions and explain the bankruptcy process to you. Schedule your free, no-obligation call right now! 

 

Chapter 7 bankruptcy and Chapter 13 bankruptcy offer different forms of protection. If you’re facing a financial crisis, a local bankruptcy attorney can help you determine whether Chapter 7 bankruptcy or Chapter 13 bankruptcy might be the right answer for you. 

 

Generally speaking, Chapter 7 bankruptcy is intended to wipe the slate clean by discharging unsecured debt—debts like credit card debt, medical bills, and unsecured loans. Chapter 13 bankruptcy, on the other hand, is intended to give a debtor time to catch up past due payments over a period of 3-5 years, while keeping secured property like houses and cars. 

 

 

What is Bankruptcy? 

 

There are two types of consumer bankruptcy. Each is intended to help consumers in financial crisis, but the solutions offered are very different. 

 

Chapter 7 bankruptcy, or liquidation, is more common. Chapter 7 bankruptcy was designed to eliminate a lot of unsecured debt (credit cards, medical bills, old utility bills, unsecured personal loans, etc.), and can generally be completed within just a few months. In a Chapter 7 bankruptcy case, the trustee can liquidate (sell) non-exempt assets to pay creditors, but most people who file for Chapter 7 bankruptcy don’t have any non-exempt assets, and so are able to keep their property while eliminating unsecured debts. 

 

Chapter 13 bankruptcy is often the solution of choice for people who have a lot of secured debt, such as car loans and mortgages, and want to keep the property that serves as security for the loans. In a Chapter 13 case, the debtor enters into a repayment plan that allows 3-5 years to catch up on past due payments. 

 

Since the bankruptcy law change in 2005, there have been a lot of misunderstandings about bankruptcy. For instance, many people have been led to believe that almost no one can file for Chapter 7 bankruptcy anymore. That’s simply not true. Although the new bankruptcy law that took effect in October, 2005 added some hoops for debtors to jump through, consumer bankruptcy attorneys and credit counseling agencies have found from the beginning that the Chapter 7 means test actually prevents very few debtors from filing under Chapter 7. In fact, some credit counseling agencies have said that by the time most debtors come to them for the newly-required pre-filing credit counseling, they have no other realistic option! The safety net of bankruptcy is still available to most consumers in financial crisis. 

 

Free Bankruptcy Information Line: 

Call Now 877-672-5015 or fill out the Free Bankruptcy Evaluation Form.

 

The free Bankruptcy Information is sponsored by consumer bankruptcy attorneys from across the country.

 

Although the Bankruptcy information service provides extensive free information about Chapter 7 and Chapter 13 bankruptcy and regular updates on bankruptcy news and developments, many consumers need help understanding how the bankruptcy laws apply in their particular circumstances and making good decisions about their next steps. A consumer bankruptcy attorney can be your source of that information, so the Free Bankruptcy Information Line: 877-672-5015 makes it easy for consumers by scheduling free, no-obligation calls with local bankruptcy attorneys.