Should I file Chapter 7 or 13?

A Chapter 7 bankruptcy is what most people think of when they hear “bankruptcy”. You are able to get rid of most of your debt, and you get rid of it within three to four months of filing your case. Some debts may be reaffirmed in a Chapter 7, such as a home mortgage or car loan that you plan to retain.

A Chapter 13 Payment Plan bankruptcy can also be beneficial for getting rid of most or all of the same debts dischargeable in Chapter 7, and some that are not. In addition, you will set up a payment plan that may include your car loan, taxes, or back payments on your mortgage. You may also be required to pay back some of your credit cards and unsecured debt if you are a high income earner or have a lot of assets.

Check out our page discussing the differences between Chapter 7 and Chapter 13 for information, or call us to discuss your situation!

Should I file Chapter 7 or 13?
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